Support for stamp duty reduction on eco-friendly homes

Permalink: Support for stamp duty reduction on eco-friendly homes
by Kay Murchie

The Confederation of British Industry (CBI) is backing a proposal to reduce stamp duty for homeowners who invest in dealing with climate change and making their properties more energy-efficient.

Iain Conn, a member of the CBI’s climate change taskforce, said that the policy would create a clear financial incentive for consumers to invest in improved energy efficiency and green energy devices.

He added that the policy would bring an improvement to the growing market for green energy devices, such as solar panels and combined heat and power units – domestic boilers that use excess heat to generate electricity.

Richard Lambert, the CBI’s Director-General, agreed and said this is exactly the sort of initiative they would like to see.

Mr Lambert explained that in order to reduce carbon emissions, we don’t have to return to the dark ages . It’s just a matter of learning to do things differently, with carbon becoming a new currency in our economy.

The taskforce’s report states that the Government needs to take critical decisions immediately if the UK is to meet its long-term targets. It must see through legislation that allows low-carbon power plants, of all types, to get through our planning and regulatory systems and it must keep the pressure on our international partners to commit to agreements that deliver a robust world price for carbon, Mr Lambert said.

Furthermore, the group is urging for the Government to “oversee a fundamental redesign” of taxes and regulations to create incentives for businesses to make the required changes.