Stamp Duty Land Tax: Tax Allowances
The question
To ask the Chancellor of the Exchequer, whether she has considered the merits of introducing a stamp duty relief on second home purchases by leaseholders impacted by cladding issues and remediation delays who are unable to sell their property.
Answered by Dan Tomlinson
A refund of the higher rate of Stamp Duty Land Tax (SDLT) paid when purchasing additional property can be claimed if an old main residence is sold within three years of the purchase of the new main residence. For most people, three years is enough time to sell a previous main residence.
However, the Government recognises that there will sometimes be exceptional circumstances, for example, where issues with cladding have delayed a sale, which are not within the control of the seller and mean that a previous main residence cannot be sold within three years, and where a refund outside of the three year period may be given. Further guidance from HMRC is available here: https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
The Remediation Bill announced at the King’s Speech will speed up remediation for people living in homes with unsafe cladding.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →