Finance (No. 2) Bill — Clause 87 — Temporary Period For Reduced Rates On Residential Property — 20 Apr 2021 at 17:00

The majority of MPs voted for lower taxes on purchasing second homes and buy-to-let property.

MPs were considering the Finance (No. 2) Bill.^[1][2][3]

The amendment rejected in this vote was:

• amendment 81, in page 49, leave out lines 14 to 27.

The rejected amendment was accompanied by the following explanatory statement from its proposer:

• This amendment would mean that the Stamp Duty Land Tax (Temporary Relief) Act 2020 no longer applies to additional dwellings.

The amendment would have omitted subsection (3) which set a new series of rates of Stamp Duty Land Tax applying to additional dwellings such as second homes and buy-to-let properties. Subsection 3 would have set Stamp Duty Land Tax for such properties at 3% for £0-£250k, rather than 2% for £0-£125k and 3% for £125k-£250k.^[3][4]

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• [1] Parliament's webpage on the Finance (No. 2) Bill, Parliament.uk
• [2] The Finance (No. 2) Bill (as introduced 11 March 2021), Parliament.uk
• [3] Explanatory notes to the Finance (No. 2) Bill, Parliament.uk
• [4] Paragraph 1 of Schedule 4ZA to the Finance Act 2003 as amended, Legislation.gov.uk

Debate in Parliament |