Home buyers who make their property green should get stamp duty refunded, some leading UK officials claim
- The letter called on Business Secretary Kwasi Quarten to take action
- Stamp duty rebates in demand packages to increase energy efficiency
- An existing homeowner on a £ 250,000 property can save £ 2,500 on stamp duty
Some leading UK officials have demanded that home buyers return their stamp duty to make their property greener.
The call for action from business leaders, including Chris O’Shea, head of energy giant Centrica, came in a letter to Business Secretary Kwasi Quarten ahead of his energy security strategy, which is due to be released this week.
A stamp duty rebate is a package of demands to increase energy efficiency in the face of a growing living cost-crisis for families driven by rising fuel bills.
Cashback: A stamp duty rebate is a package of energy efficiency claims.
The letter, signed by members of the Sustainable Homes and Buildings Coalition, including CEOs such as boiler manufacturer Worcester Bosch’s Carl Ortzen and David Lindberg of NatWest Retail, sets out an eight-pronged plan.
These include a proposal for ‘stamp duty reform’ to ‘improve their energy efficiency within two years of purchase’, as well as tax adjustments ‘based on a home’s energy efficiency’.
A source said: ‘There is no time to wait – the government needs to look at everything and think urgently and creatively about the problem. Stamp duty reform could really move the dial. ‘
An existing homeowner can save £ 2,500 on stamp duty payments if they move into a £ 250,000 property. It can be 15,000 for a buyer buying a ,000 500,000 home
In November, the average British home price exceeded £ 270,000 for the first time.
Other proposals in the letter include a public information campaign on energy efficiency, doubling of ‘funding and ambitions in the social housing sector’ and a ‘national housing audit to understand the true state of housing stock’.
The signatories say their demands are in response to “unprecedented increases in energy prices and growing concerns about energy security.”
An official spokesman said: “Our thermal and building strategies set out a comprehensive package of measures to restore the country’s buildings.
‘We are accelerating our progress in improving the energy efficiency of homes in England, investing over 6 6.6 billion in decarbonizing homes and buildings and bringing higher performance standards.
‘Last week we announced plans for VAT relief reform for families seeking to install energy-efficient materials.’
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