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Breaking News – Update on Stamp Duty Debate in Parliament

Posted on Tuesday, February 2, 2021

Breaking News – Update on Stamp Duty Debate in Parliament

A one-minute news special following yesterdays debate on stamp duty. 

They rarely agree about anything, but MPs from different parties were singing from the same hymn sheet during yesterday’s virtual House of Commons debate around extending the Stamp Duty holiday.

The debate was triggered by an online public petition that wants to see a six-month extension to the existing deadline of 31 March.

And nearly every MP who spoke during the 70-minute discussion favoured adding at least a further six months or staggering the deadline so that more people can benefit from the tax break.

How has yesterdays debate impacted sellers and buyers in the Bexley & Dartford Boroughs?

To be honest, nothing has changed, but the pressure is building on the treasury to act, mainly because the property market generates enormous tax income not just from stamp duty, but the businesses associated with buying / selling a home, such as furniture stores, estate agents, solicitors, flooring companies etc etc and millions of pounds worth of home sales are in the balance.

We’re now all playing a game of wait and see until Wednesday 3 March when the Chancellor Rishi Sunak will reveal the Government’s decision.

If you have any questions about the Stamp Duty holiday and what it means to your moving plans, get in touch.