Chancellor Jeremy Hunt could well announce a new scheme offering tax rebates for those who improve the energy efficiency of their homes in next month’s Autumn Statement.
Government ministers are reportedly mulling the move to begin offering partial stamp duty refunds if new homeowners improve insulation and windows within two years of moving in, according to The Telegraph.
The idea “is in the running” to be unveiled in next month’s budget, The Telegraph said, citing a government figure familiar with the discussions.
Homeowners would need to improve the Energy Performance Ratings of their homes, which range from ‘A’ to ‘G’ for the most to least efficient.
Hunt had laid out ambitions to cut energy consumption among UK buildings and industry by 15% by 2030 in last year’s statement and the rebate idea was the lead recommendation of the government’s Energy Efficiency Taskforce which was set up at the time.
His latest budget announcement is due to take place in the House of Commons on November 22.
Lloyds Banking Group PLC (LSE:LLOY), Banco Santander (LSE:BNC) and energy supplier E.ON are among companies to have previously called on the government to introduce the incentive.
Given Britain’s generally older homes account for some 17% of the nation’s carbon output, the move could reduce emissions while boosting household savings, they said.