08-05-19 POSTED IN: Personal Tax

Over-50s Support Tax Break For Downsizing

Nearly three-quarters (73%) of people over 50 would support a stamp duty break for people who downsize their home, research from Saga shows.

In a survey of 2,000 people, 25% of over 50s said they were struggling to afford the cost of moving house.

The research also found that 70% of potential downsizers wanted to move because their current home was too large.

Saga called on the Government to allow one stamp duty-free move to people who choose to downsize in retirement.

The over-50s’ insurance and holiday provider said that with the current shortage of housing in the UK, downsizing could help to free up larger homes for families.

Jeff Bromage, managing director at Saga Money, said:

“A large proportion of our members have told us that they would like to move to a smaller home so they can release money from their homes – either for themselves or to give to their families – but the costs associated with doing so are preventing them.

“We are urging the Government to reconsider this exemption – to support potential downsizers, their families and the wider housing market.”

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