24 April 2021  /  By Andrew Ellinas LL.B.

Stamp duty petition

Stamp duty petition

A petition has been launched on the Government’s official petition website requesting that the liability for the payment of stamp duty is triggered upon the exchange of contracts rather tan on completion.

The petition states that "people are finding themselves becoming trapped in a scenario whereby house prices are much higher, and at the same time they will now miss out on the stamp duty holiday. People are being financially punished from both sides, this from a policy that was designed to do the exact opposite.

Exchanging contracts is exactly what it says. A contract, a legally binding agreement, to purchase a house often with an immediate 10% deposit being paid. So why shouldn’t you benefit from the stamp duty holiday being triggered at that moment of exchanging contracts, rather than at the point of completion? This will allow in particularly new build buyers, with continuous building delays due to COVID-19, to benefit from this policy."

View the petition: https://petition.parliament.uk/petitions/581308

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