22 January 2021
Will the stamp duty holiday be extended?
Many homebuyers are continuing to take advantage of the stamp duty holiday, which is due to end on 31 March. Such is its popularity, that a petition calling for the holiday to be extended by six months, has gathered over 119,000 signatures, meaning it has enough for it to be considered for a Parliament debate.
However, Leader of the House of Commons, Jacob Rees-Mogg MP, has suspended debates in Westminster Hall for the time being, due to Coronavirus, meaning that it is unclear whether it will be discussed in Parliament.
In response to the suspension, Chair of the Petitions Committee, Catherine McKinnell MP, has asked the government to make plans to restart petitions debates saying:
“On behalf of the millions of people waiting to have their petitions debates…I hope that in the coming weeks the government will bring forward plans to make sure that petition debates can restart as soon as possible, and including as many MPs as possible.”
Since July 2020, the government has suspended stamp duty on the first £500,000 of all property sales in England and more expensive homes are only taxed on their value above that amount, to help boost the housing market.
Maria Mowberry, property partner at B P Collins, says:
“The obvious appetite in the property sector to have the stamp duty holiday extended, combined with reports that MPs are supporting the move, may encourage the Chancellor to reconsider the 31 March deadline.
“Not only would an extension be beneficial to many homebuyers, but it would also help agents, mortgage lenders, surveyors and solicitors to deal with the surge of cases that have built up as a result of the stamp duty holiday introduced last year.”