100,000 property buyers call for stamp duty holiday extension

A possible extension to the stamp duty tax break could be debated in Parliament after 100,000 people signed a petition calling for an additional six-month holiday. An online petition has attracted the signatures of more than 100,000 home buyers and sellers who fear the property market will slump after March […]

A possible extension to the stamp duty tax break could be debated in Parliament after 100,000 people signed a petition calling for an additional six-month holiday.

An online petition has attracted the signatures of more than 100,000 home buyers and sellers who fear the property market will slump after March 31 when the tax break is withdrawn. As the petition has passed this milestone it must now be formally considered for a debate in Parliament.

Tens of thousands of people have signed in the past few days. This follows the launch of Telegraph Money’s Stamp out the Duty campaign, which urges the Government to make the tax break permanent.

More than 50 MPs have backed the campaign and called for the Government to extend the tax holiday by a further 12 months to help support the property market during the pandemic.

At present, many buyers and sellers fear their property chains will collapse if purchases are not complete before the March 31 deadline. Many transactions have clauses which allow buyers to pull out of a purchase if it is not complete by that date. 

Experts have said this cliff-edge could also be prevented if the Government allowed purchases that are close to completion to receive the tax break, even if they formally conclude in April.

A report published earlier this week by Hamptons International, the estate agent, found that an extension to the stamp duty holiday could generate 100,000 extra sales in 2021. This would help the total number of transactions this year reach 1.2m, effectively providing a 10pc boost to the property market.

However, despite the increasing pressure, the Government has repeatedly stated the cut-off will not be changed.

When the petition passed 10,000 signatures the Government said that the tax break was intended to be a “temporary relief to stimulate market activity” and stated that it would not extend it beyond the March 31 deadline.

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