Calls to Backdate Stamp Duty Land Tax Cut

After the announcement on Wednesday 8^th July 2020 by the Chancellor, Rishi Sunak, that Stamp Duty will not be payable on residential properties up to the first £500,000 and will be in place till 31^st March 2021, residential property lawyers have written to Robert Jenrick, the Housing Secretary.

They are lobbying for the stamp duty holiday to be back dated, as it wouldn’t be fair on the hundreds of people that managed to complete their property purchasers during lockdown in March.

Simpson Millar’s Sarah Ryan, head of private client and conveyancing said “They had written to the Housing Secretary asking for them to backdate transactions to benefit those that completed or have been waiting to complete within the lockdown period and had months of stress and uncertainty”.

Comment

We would like the cost of a packet of chips to be backdated to 1973 chip shop prices and the price of an E-type Jaguar backdated to 1969.  Reality check: you cannot walk into a supermarket and ask for a refund on a tin of baked beans that you bought yesterday because it is on special offer today.