Possible stamp duty for non-green homes

by Christopher Evans

The government is considering imposing a stamp duty tax for owners of poorly-insulated homes in a bid to cut the country's greenhouse gas emissions.

This could encourage DIY house sellers and landlords to invest in their home before they sell, making it more insulated and greener.

Commenting on the proposals, Vernon Pethard, founder of newhomesforsale.co.uk, said: "Threatening an increase in stamp duty on older, poorly insulated homes is likely to deter people from buying one because it's not always possible to bring them up to the exacting modern standards set by today's brand new homes."

He added that the measures could lead to more people choosing to buy new homes as they are greener and more economical to own, which could cause some concern to homeowners of older properties.

A new Green Investment Bank will set out further proposals on how the UK can deliver on its climate change targets.

It reported that the UK's housing stock must improve its energy efficiency in order to reduce energy demand, which it could do through subsidising efficiency measures and implementing penalty rates.

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Published on: July 23, 2010

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