Stamp duty holiday update

A temporary suspension in debates due to the rise in covid-19 cases may mean that The House of Commons doesn’t get the opportunity to discuss a Stamp Duty Land Tax (SDLT) extension. A Labour MP has joined the voices of over 120,000 signatures petitioning for this debate to take place.;
House of Commons

A temporary suspension in debates due to the rise in covid-19 cases may mean that The House of Commons doesn’t get the opportunity to discuss a Stamp Duty Land Tax (SDLT) extension.

The petition, which has attracted more than 120,000 signatures, was due to be debated, having reached the required threshold of responses.

Debates suspended

On 14th January 2021, a motion put forward by Jacob Rees-Mogg, leader of the House of Commons, was agreed to by MP’s. The motion resulted in the temporary suspension of debates in Westminster Hall.

This means that 33 petitions, including the one calling for an extension to the SDLT, are currently waiting for debate.

There is no current timetable for when these debates will be back up and running.

MP joins call for debate

Chair of the Petitions Committee, Labour MP Catherine McKinnel, has called for the government to restart petition debates as soon as possible.

McKinnel commented:

“On behalf of the millions of people waiting to have their petitions debated, I am disappointed that the government hasn’t made it possible for debates to continue virtually while Westminster Hall has to close.

“The Petitions Committee will continue to take action on petitions, including taking evidence, speaking to petitioners and holding our own virtual sessions, but I hope that in the coming weeks the Government will bring forward plans to make sure that the petition debates can restart as soon as possible, and including as many MPs as possible.”

Compromise

Voices from the landlord community are calling for a short extension or confirmation to allow for those properties already in process to complete with the given delays that purchases are currently experiencing.

There are also expressions of disappointment that, whilst the majority of the world has adapted to a “virtual workstyle”, The House of Commons has not found a solution to allow UK MP’s to continue their debates in some online fashion.

You can read more on the SDLT extension petition here.

This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.