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No plan to extend stamp duty holiday – housing minister

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  • 26/10/2020
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No plan to extend stamp duty holiday – housing minister
Housing minister Christopher Pincher has maintained the government has no plan to extend the stamp duty deadline.

 

With the housing market running red hot at present and many firms operating at reduced capacity due to coronavirus restrictions the time to complete purchases has lengthened significantly, putting many buyers at risk of missing the tax break.

As a result, representatives from across the industry have called for a temporary extension or tapering of the deadline to the stamp duty holiday.

Last week Conveyancing Association director of delivery Beth Rudolf revealed in Mortgage Solutions the trade body had been lobbying government to stagger the deadline and admitted some firms were turning down work to maintain service levels.

However, it appears the government is unlikely to consider such a move.

Pincher confirmed the policy would not change when responding to a written question from Labour MP for Hove and shadow justice minister Peter Kyle, who asked if the cut would be extended past the 31 March deadline.

Pincher (pictured) said: “The temporary increase in the Stamp Duty Land Tax nil rate band was designed to provide an immediate stimulus to the property market, where property transactions fell during the Covid-19 lockdown.

“The government does not plan to extend this relief and will continue to monitor the property market.”

 

 

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