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Written question asked by Rupa Huq (Labour) on Tuesday, 10 November 2020, in the House of Commons. It was due for an answer on Monday, 16 November 2020 (named day). It was answered by Jesse Norman (Conservative) on Monday, 16 November 2020 on behalf of the Treasury.

Housing: Low Incomes

Question

To ask the Chancellor of the Exchequer, what assessment he has made of the effect on people on lower incomes of the (a) reduction in stamp duty and (b) increase in house prices in response to the covid-19 outbreak.

Answer

Property transactions fell by as much as 50 per cent during the COVID-19 lockdown, and this downturn in the market meant that the future was uncertain for many people whose jobs relied on custom from the property industry. The temporary increase in the Stamp Duty Land Tax nil rate band was designed to immediately support the market, and jobs which rely on the sector.

Secondary information

Type
Written question
Reference
113609
Session
2019-21
Subjects
Housing Low incomes Prices Stamp duty land tax
Link
View this Written question on www.parliament.uk