Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has plans to exempt pensioners from Stamp Duty when they downsize their homes.

Most owners wishing to downsize are likely to have equity in their current property, and are already exempt from Capital Gains Tax on any gain made on their main residence. For most of those looking to downsize, the SDLT due on the move-in property will be small, and in most cases, it will be lower than estate agent’s fees.

The Government therefore has no current plans for a further relief for those looking to downsize. The Government’s priority is to support first time buyers, which is why the Autumn Budget 2017 announced the introduction of First-Time Buyers’ Relief. Since its introduction, 288,300 households have benefitted from First-Time Buyers’ Relief, saving around £2,360 on average.