Business leaders have suggested that homeowners who make their property more environmentally friendly within two years of purchasing their house should have their Stamp Duty Land Tax (SDLT) refunded or adjusted based on the energy efficiency of their home.
In a letter to Kwasi Kwarteng prior to the Business Secretary’s energy security strategy announcement this week, business chiefs demanded SDLT refunds as part of a plan to combat rising energy costs amid the current cost of living crisis.
Other proposals within the plan included a public information campaign on energy efficiency, a national housing audit to “understand the exact state of housing stock”, and a renewed focus on “funding and ambition in the social housing sector”. These demands come amid “a backdrop of unprecedented rises in the cost of energy and the heightened concerns over energy security”.
The letter was signed by members of the Sustainable Homes and Buildings Coalition and included signatories such as NatWest’s David Lindberg and Chris O’Shea, head of Centrica. A source commented:
‘There really is no time to wait – the Government needs to think urgently and creatively about the problem looking at absolutely everything. Stamp duty reform could really move the dial.”
A Government spokesperson said:
“Our Heat and Buildings Strategy set out a comprehensive package of measures to retrofit the nation’s buildings.
We are also accelerating our progress in upgrading the energy efficiency of England’s homes, investing over £6.6 billion to decarbonise homes and buildings and bringing in higher performance standards.
Last week we announced plans to reform the VAT reliefs for families looking to install energy-saving materials.”
