Jeremy Hunt is urged to slash stamp duty for households which improve their energy efficiency
Jeremy Hunt is being urged to introduce a stamp duty rebate to reward households which improve their home’s energy efficiency.
Under the ‘Rebate to Renovate’ policy, homeowners would benefit from the tax refund if they make green improvements within two years of buying the property.
The proposal has previously been backed by Lloyds bank and the owner of B&Q.
Today, the Onward and Bright Blue think tanks joined the Conservative Environment Network in also backing the policy.
Adam Hawksbee, deputy director at Onward, said: ‘Homeowners want to make improvements to their properties but many people are unable to due to the significant costs involved.
Jeremy Hunt is being urged to introduce a stamp duty rebate to reward households which improve their home’s energy efficiency
Under the ‘Rebate to Renovate’ policy, homeowners would benefit from the tax refund if they make green improvements within two years of buying the property (Stock Image)
‘This is particularly true for people living in low value homes in poorer parts of the country.
‘We need to find ways to incentivise, not penalise, people to retrofit their homes. That is why the Government should consider the idea of a Rebate to Renovate, a practical solution which will help bring down energy bills and decarbonise our inefficient housing stock.’
Sam Hall, director of the Conservative Environment Network, added: ‘Since the Prime Minister has ruled out mandating higher energy efficiency standards, it is important that households are instead offered incentives to insulate their homes in order to achieve our climate targets.
‘A ‘Rebate to Renovate’ scheme would be an effective way to incentivise much-needed energy efficiency improvements in homes. It would accelerate progress on improving the UK’s housing stock, which is the leakiest in Europe, while easing pressure on household bills and making the UK more energy secure.’
The average UK household would need to spend just over £8,000 to upgrade their property to a decent standard of energy efficiency, according to the English Housing Survey.
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