Stamp duty Bill could benefit green homeowners

| November 26, 2007 | 0 Comments

A recommendation that stamp duty should be reduced on properties where homeowners have invested in energy-efficient changes is being backed by the climate change taskforce of the Confederation of British Industry (CBI).

CBI member, Iain Conn, who is chief executive of BP’s refining and marketing division, believes that the policy would create a financial incentive for homeowners to improve energy efficiency.

At the same time, the money spent could boost an emerging market for devices such as solar panels and combined heat and power units (a type of domestic gas boiler that uses excess heat to generate electricity).

In its report, the CBI’s taskforce points out that a move towards a low-carbon economy does not have to come at the expense of continued economic growth or quality of life.

The CBI wants the Government to oversee legislation that simplifies planning and regulatory approval for low-carbon power initiatives.

The Government has recently admitted that, in order to meet climate change targets, much more needs to be done to improve the energy efficiency of our homes.

A private member’s Bill to reduce stamp duty for house buyers who install energy efficiency measures is being introduced by Kevin Barron MP and has the support of MPs from all parties.

Should the measures be introduced they would reduce a tax burden that has risen rapidly in recent years.

House price inflation has meant that the number of purchasers paying stamp duty has increased to around three-quarters of all house buyers, compared with around one-quarter in 1997.

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