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Closed Reduce Stamp Duty for Families Moving Home

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Current stamp duty rates do not require first time buyers to pay any stamp duty for the first 300,000 of the cost of their home and 5% thereon. However, anyone who wants to move/upgrade their house has to pay substantially more even if it is their only home, restricting families wishing to move.

For house price of £500,000, first time buyers are only required to pay 5% of the amount between 300,000 and 500,000 I.e. £200,000 which is £10,000. However families wishing to upgrade are subjected to significantly higher rates. In this example, they will pay £15,000 in SDLT. With families moving for work & personal circumstances it is a considerable hindrance. Therefore, we request to review this law so that anyone owning one residential home is entitled to the same SDLT as first time buyers.

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    This petition will stay open until 6 November 2019.