Jan

LATEST: HM Treasury to be grilled over stamp duty deadline extension by MPs

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A senior HM Treasury spokesperson is to be grilled by MPs on why the Chancellor has so far not extended the stamp duty holiday deadline.

Current estimates show that between 350,000 and 500,000 home purchases are hoping to complete by the deadline of 31^st March including thousands of landlords, who if they can complete on time will not be charged stamp duty on properties under £500,000.
Landlords will still have to pay the additional 3% ‘second home’ duty.

A petition signed by over 130,000 people meant parliamentary authorities were required to consider allowing a debate on extending the holiday deadline by six months, but last week this was kicked into the long grass by Covid safety requirements.

But the official Petitions Committee has now circumvented the suspension of debates within Westminster Hall by organising an online debate within parliament this Monday (1^st February ) at 4.30pm.

HM Treasury is sending Jesse Norman (pictured, below), Financial Secretary to the Treasury to answer questions, which will be led by Elliot Colburn MP.

“As was the case when Westminster Hall was closed due to Covid-19 last year, we have had to innovate to find ways to hold the Government to account, and crucially to voice the concerns of petitioners in the House of Commons, while our usual debates cannot be held,” says Catherine McKinnell MP, Chair of the Commons Petitions Committee.

“As these petitions demonstrate, there are important issues affecting hundreds of thousands of people that are being missed. Their calls for help and support must be heard.”

The 90 minute virtual sessions will be open to all to watch live on Parliament TV and Parliament’s YouTube channel.

Read Tom Entwistle’s examination of the stamp duty holiday.

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