Government has ‘no further plans’ for downsizing Stamp Duty reliefs

The Government appears to have ruled out Stamp Duty incentives for older downsizers.

A taskforce commissioned by the Government to look into housing issues for older people last month suggested for ‘last time buyer’ Stamp Duty incentives to get people moving.

Speaking during a House of Lords debate on the report, crossbench peer Lord Best asked the Government whether Stamp Duty should be exempt “where an older person is downsizing, rightsizing, making way for and releasing a home for a family elsewhere?”

But responding on behalf of the Government, Parliamentary Under-Secretary in the Department for Housing, Communities and Local Government, Lord Khan, suggested such a move has already been rejected.

He said: “We have strengthened the National Planning Policy Framework to encourage the delivery of mixed-tenure development.

“For most of those looking to downsize, the Stamp Duty due on the new property will be small. Stamp Duty is an important source of revenue to provide essential services, and the Government has no further plans for relief for those looking to downsize.”

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