To ask Mr Chancellor of the Exchequer, whether he has considered the use of stamp duty relief to encourage homeowners to downsize.
Answered on
7 November 2017
At Autumn Statement 2014 the government reformed Stamp Duty Land Tax (SDLT), cutting the tax for 98% of homebuyers who pay it. The new system reduced SDLT for most transactions, including for those looking to downsize.
In most cases it is likely that the financial gain that property owners receive from downsizing will outweigh the costs of doing so, as Private Residence Relief means that most homeowners will not pay any Capital Gains Tax when they move home.
Answered by
Treasury