Business Coalition calls for Energy Saving Stamp Duty Incentive
The looming energy price crisis has brought the UK’s dependence on imported gas into stark relief. COP26 also highlighted the need for action to reduce emissions from homes, which have risen over the last 6 years and now account for 20% of the UK’s carbon emissions.
In this context the Energy Efficiency Infrastructure Group (EEIG), a coalition of industry groups, businesses and charities, has written today to the Chancellor, calling on the UK Government to support a long-term, revenue neutral Energy Saving Stamp Duty Incentive – to encourage homeowners to future-proof their homes against high energy bills.
An Energy Saving Stamp Duty would incentivise the 19 million owner occupier households to insulate their homes and install energy efficient heating systems such as heat pumps. The EEIG’s proposal for an Energy Saving Stamp Duty, as part of its Better Buildings Investment Plan, can be revenue neutral and allows more public funding to be directed towards those that don’t have the means or access to finance.
The tax incentive is backed by a broad range of consumer, retail, builder and business groups representing tens of thousands of businesses, professionals and consumers. The incentive would encourage people to either purchase a more energy efficient home or incentivise them to make it more energy efficient after it had been purchased, for example by installing insulation or a heat pump. Households would be charged a lower level of stamp duty for doing so. - Building Performance Network
EEIG Energy Saving Stamp Duty