“Extension of the stamp duty leave for another 6 months after the 31st March 2021, “A petition launched in late October was beaten up in an online debate this afternoon after enough signatures were collected to be considered by the government.

The 90-minute virtual debate that started at 4 a.m. At 30 a.m., Treasury Secretary of the Treasury, Rt Hon Jesse Norman, responded to the government after calling for it to extend the current stamp duty relief and prevent thousands from losing Property Sales Fail The latest statistics from Rightmove suggest that of the 613000 that are already in the agreed pipeline, up to 100000 miss the tax break and save around 15Might lose £ 000

Before the debate that afternoon, the government and its MPs were extremely excited about the possibility of an extension. A Treasury Department spokesman said: “The SDLT vacation should be a temporary relief to stimulate market activity and support jobs that are depend on real estate market The government has no plans to extend this temporary relief ”

Although the government blocked any discussion of a possible renewal, the rumor mill continued to rotate, and many believed that changes such as extending the system to include the STCs it sold would expand the system

During the debate, Elliot Colburn MP, a member of the Petitions Committee, suggested several alternatives to the current system, including resetting the deadline to a new date in order to consider the possibility of transactions made before Dec. March begin to allow the system and permanently maintain the stamp tax threshold at 500000 GBP

Sarah Olney, Liberal Democrat MP from Richmond Park, argued that expanding the program “just to avoid a cliff edge would deprive the Treasury Department of much-needed funding at a time when our public finances are badly needed”

Jesse Norman MP, Treasury Secretary of the Treasury, replied to the government that he “totally understands people’s frustration with the impending property tax leave deadline” but as MPs know, I cannot comment on tax policy outside of a tax event “

Despite increasingly fierce calls for the government to change the deadline so that relief can be guaranteed for those who are already moving home, nothing has changed to date and the program is currently running as planned on Dec. March ends

All eyes will surely now be on Rishi Sunak, who will take part on Wednesday the 3rd March, before the budget is

Karen Rodrigues, Sales Director at eConveyancer, says, “It is not surprising that the parliamentary stamp tax debate today did not result in an extension of the holiday. The noise from HM Treasury over the past few weeks has been very much due to the fact that The end of March has been a tough deadline.This focuses the mind on those who have transactions they want to complete before that date and serves as a timely reminder of the importance of quality promoters who understand the importance of excellent customer service and how technology is used can to deliver this ”

Mark Hayward, propertymark’s chief policy adviser, comments, “We applaud today’s important stamp tax holiday debate and are pleased to see that there is clear bipartisan support for an extension of the holiday or a tapered end to the cliff in question two months away

“The real estate market boom caused by the stamp duty vacation has been extremely beneficial The cliff edge on Dec. However, March could cause thousands of sales to drop at the final hurdle and affect the property market, which has bounced back well from the Covid slump

“We continue to urge the government to reconsider these schedules so that the pressure on the system can be reduced, transactions can be completed and a disorganized and stressful time for moving companies and businesses across the market avoided”

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Stamp duty, stamp duty holiday

Weltnachrichten – GB – BREAKING: MPs are fighting to extend the stamp duty

Source: https://www.propertyreporter.co.uk/property/breaking-mps-battle-it-out-for-stamp-duty-holiday-extension.html