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Official: There will be no Stamp Duty holiday extension

Ministers have delivered the body blow to agents and buyers via its response to an online parliamentary petition.

Nigel Lewis

stamp duty petition

The Government has dashed estate agents’ hopes of an extension or tapering of the Stamp Duty holiday.

This body blow for both the industry and thousands of home movers likely to miss Rishi Sunak’s 31st March deadline has been delivered in the Government’s response to a parliament online petition.

It passed the 10,000 signatures that forces the Government to respond to these petitions several days ago and has now been signed by 22,635 people.

The statement says: “As the relief was to provide an immediate stimulus to the property market, the Government does not plan to extend this relief.

Government revenue

“SDLT is an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides.

“The Government is committed to supporting home ownership and helping people get on and move up the housing ladder.

“When the SDLT Holiday ends, the Government will maintain a SDLT relief for first time buyers which increases the starting threshold of residential SDLT to £300,000 for first-time buyers that purchase a property below £500,000.

“In addition, a new Help to Buy scheme will be introduced from 1 April 2021. This scheme will run until March 2023.

“All tax policy is kept under review and the Government considers the views it receives carefully as part of that process.”

Read more about the stamp duty deadline.

December 16, 2020

3 comments

  1. Sadly, the government is run by “Rich Kids” who have never had to struggle to pay their bills or worry about job security.

    George Osborne & David Cameron (where are they now?) promised the “Triple Lock” of no increase in VAT, Income Tax or National Insurance Contributions.

    Boris (another Rich Kid) has promised not to break the Triple Lock.

    Where else is he going to raise the revenue to pay for Covid-19 measures?

    Stamp Duty & Capital Gains Tax is his glib answer.

    Most citizens expect there to be a taxation cost some where at some time.

    As Boris inhabits in “The Westminster Bubble” and are still wrestling with the EU over fishing, they are totally distracted.

    Housing is what they call “Low Hanging Fruit” with the repost that those paying the tax are like Rolls Royce drivers complaining about the price of petrol.

    Select an easy target and squeeze, as Dennis Healey (The last old Labour Chancellor) said in the 1970’s “Squeeze Until the Pips Squeak”.

    Not fun but a fact of political life.

  2. Response as expected. Ever since this “tax on housing” was massively increased by previous Chancellor George Osbourne, we have known it was a mistake. Probably the biggest error of his as Chancellor. The Gov’t now know this and the SDLT holiday is a step in the right direction. What the Gov’t says now and does in three months time remains to be seen. HEALTHY HOUSING MARKET = VIBRANT ECONOMY.
    POOR HOUSING MARKET = RECESSION.

  3. Whilst hugely disappointing and frustrating, online auction could be a ‘Plan B’ option for those motivated sellers who want to attract buyers before the 31st March deadline. Please get in touch if you would like to know how Offr could help you run an online auction from your own website.

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