Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of abolishing Stamp Duty for downsizers in (a) Yeovil constituency (b) Somerset and (c) England.

Stamp Duty Land Tax (SDLT) continues to be an important source of Government revenue, raising around £14 billion each year to help pay for the essential services the Government provides. Abolishing SDLT in any region of the country would be likely to have a significant cost to the Exchequer.

Most owners looking 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 through Private Residence Relief. For most of those looking to downsize, the SDLT due on the property they are moving into will be small, and, in many cases, lower than estate agent’s fees.