The Government has indicated that Stamp Duty could be reformed as part of tax changes in response to the coronavirus pandemic.
Conservative MP Alberto Costa had written a parliamentary question asking what assessment the chancellor has made of the merits of introducing a Stamp Duty holiday for people purchasing new homes to stimulate the economy after the Covid-19 outbreak.
Responding on behalf of the chancellor, financial secretary to the Treasury Jesse Norman stopped short of ruling out such a change.
He said: “Vital measures to control the spread of Covid-19, such as social distancing, have resulted in a drop in property transactions.
“From May 13th in England, viewings can once again be held as long as social distancing measures remain in place, and people can move house safely.
“The Government does not currently have any plans to change the amount of Stamp Duty on property purchases.
“However, the Government keeps all tax policy under review, including as part of the response to the COVID-19 pandemic.”
A report from the Cass Business School last week urged the Government to extend Stamp Duty relief to “last-time buyers,” while organisations such as Zoopla have suggested reforms to the tax could help boost the market.