Homebuyers who make their properties greener should get their stamp duty back, some of Britain’s leading bosses demand
- Call for action came in letter to Business Secretary Kwasi Kwarteng
- Stamp duty rebate among package of demands to promote energy efficiency
- Existing homeowner in £250,000 property could save £2,500 in stamp duty
Homebuyers who make their properties greener should get their stamp duty back, some of Britain’s leading bosses have demanded.
The call for action from business chiefs including Chris O’Shea, head of the energy giant Centrica, came in a letter to Business Secretary Kwasi Kwarteng ahead of his energy security strategy, which is set to be revealed this week.
A stamp duty rebate is among a package of demands to promote energy efficiency amid a worsening cost-of-living crisis for households largely driven by soaring fuel bills.
Cash back: A stamp duty rebate is among a package of demands to promote energy efficiency
The letter – signed by members of the Sustainable Homes and Buildings Coalition including CEOs such as Carl Arntzen of boiler manufacturer Worcester Bosch and NatWest Retail’s David Lindberg – sets out an eight-pronged plan.
This includes a proposal for ‘stamp duty reform’ to include a rebate to households that ‘improved their energy efficiency within two years of buying’, as well an adjustment to the tax ‘based on the energy efficiency of a home’.
A source said: ‘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.’
An existing homeowner moving into a £250,000 property could save £2,500 in stamp duty payments. This could rise to £15,000 for a buyer purchasing a £500,000 home.
In November, the average British house price exceeded £270,000 for the first time.
Other proposals in the letter include a public information campaign around energy efficiency, a doubling down on ‘funding and ambition in the social housing sector’ and a national housing audit to ‘understand the exact state of the housing stock’.
The signatories say their demands are a response to a ‘backdrop of unprecedented rises in the cost of energy and the heightened concerns over energy security’.
A Government spokesman 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 £6.6billion 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.’