With this it will be convenient to discuss the following:
Amendment (a) to amendment 1, after “transaction” insert
“(except in relation to additional dwellings)”.
This amendment is intended to remove the relief from stamp duty land tax for second homes (see Amendment 15 to leave out subsection (3)).
Amendment (b) to amendment 1, leave out “31 March 2025” and insert “31 March 2028”.
This amendment is intended to extend the temporary relief from Stamp Duty Land Tax so that it expires at or around the time as the frozen thresholds for Income Tax, Inheritance Tax and National Insurance are due to expire.
Government amendments 2 and 3.
Amendment 15, page 1, line 13, leave out subsection (3).
This amendment is intended to remove the relief from stamp duty land tax for second homes (see Amendment (a) to Gov 1).
Government amendments 4 to 12.
Clause stand part.
Government amendment 13.
Clause 2 stand part.
New clause 1—Comparison of temporary and permanent relief—
“(1) The Chancellor of the Exchequer must, within three months of this Act receiving Royal Assent, publish an assessment of the change in Government policy on stamp duty land from—
(a) the Plan for Growth published on 23 September 2022, to
(b) the Autumn Statement published on 17 November 2022.
(2) This review must include—
(a) an assessment of the costs of implementing the change in policy referred to in subsection (1) for the Government, the property industry, and homebuyers;
(b) an assessment of any wider costs and impacts of the change in policy referred to in subsection (1) on the housing market; and
(c) what measures the Government is planning to ease the impact on tax revenues, home purchases and the housing market of the reduction in stamp duty land tax coming to an abrupt end on 31 March 2025.”
This new clause would require the Government to publish a review of the change in Government policy to make the relief in this Bill temporary instead of permanent.
New clause 2—Review: first-home buyers—
“The Chancellor of the Exchequer must conduct a twice-yearly review of the impact of this Act on the number of people buying their first home and must publish a report of this review at six-month intervals.”
This new clause is to ensure that a regular report is made on the impact of the proposed Act on the number of people buying their first home.
New clause 3—Review: second homes in National Parks and Areas of Natural Beauty—
“The Chancellor of the Exchequer must publish an annual report on the impact of this Act on the number of second homes in National Parks and Areas of Natural Beauty.”
This new clause would require that an annual report is published on the impact of the Bill on the number of second or subsequent homes in National Parks and Areas of Natural Beauty.
New clause 4—Review: house prices in rural areas—
“The Chancellor of the Exchequer must publish an annual review of the impact of this Act on house prices in rural areas.”
This new clause would require that an annual review is published on the impact of the Bill on house prices in rural areas.
New clause 6—Review: availability of affordable housing and the private rented sector—
“The Chancellor of the Exchequer must conduct an assessment into, and publish a report on, the impact of this Act on the housing market, including (1) the impact on the availability of affordable housing and (2) the private rented sector.”
This new clause would require the Chancellor of the Exchequer to conduct an assessment into the impact of the Bill on the housing market, including the availability of affordable housing and the private rented sector.
New clause 7—Report on effect of temporary relief—
“(1) The Chancellor of the Exchequer must, three months before expiry of the temporary relief period, publish an assessment of the impacts of the temporary relief provided by this Act.
(2) This assessment must include an assessment of the impacts on—
(a) the volume and value of housing transactions on the housing market,
(b) any wider costs for the Government, property industry, housing market and/or homebuyers, and
(c) tax revenues.
(3) The assessment must make a recommendation as to whether the temporary relief period should expire or whether the House of Commons should consult on extending it or making it permanent.”
This new clause would require the Government to publish an assessment of the impacts of the temporary tax relief and a recommendation before the temporary relief period comes to an end.
Government amendment 14.