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Stamp Duty holiday extension to be debated in Parliament today

MPs to grill HM Treasury chief on why Chancellor has so far refused to amend or extend the relief period.

Nigel Lewis

westminster stamp duty

At 4.30pm today the 138,600 people who have so far signed the parliamentary e-petition calling for a six-month extension to the Stamp Duty holiday deadline will hear from the horse’s mouth whether the Government is considering a change of heart.

The petition has continued to pick up 1,000 signatures a day despite it passing the 100,000 needed to be eligible for a parliamentary debate. This was supposed to be held in Westminster Hall but after the space was closed due to Covid, the Petitions Committee stepped in last week to announced its own online debate instead.

Agents will be able to tune in online to see if Jesse Norman, Financial Secretary to the Treasury, will give any ground on the problems being caused by the ‘cliff face’ facing estate agents, conveyancers, buyers, sellers, surveyors and lenders.

Deadline

Representatives of all these groups have been making increasingly strident calls for the Government to listen and at least modify the stamp duty deadline to allow those already moving home to be guaranteed the relief.

So far HM Treasury has rejected any changes, saying the SDLT relief packaged was intended to stimulate the market and keep the economy ticking over during Covid.

Its response to the e-petition makes no mention of the huge delays the sales market is facing as conveyancers and lenders struggle to process the huge additional volume of transaction now working their way through to completion.

The petition session will be available to watch live on Parliament TV and Parliament’s YouTube channel.

February 1, 2021

One comment

  1. Muve is very focused on conveyancing delivery to the 31 March deadline by use of our MuveFast upgrade. Our view has always been that the SDLT holiday is not likely to be extended but we will be happy to be proved wrong. The big problem is that an extension is likely to be shot down as doing no more than delaying the cliff edge by a few months. A better solution would be the abolition of stamp duty but £12bn is a lot of revenue for a debt-laden government to give up.

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