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Wednesday, August 5, 2020

Government “ax stamp duty for six months on homes worth up to £ 500k”

According to the report, the Chancellor is expected to announce a six-month stamp holiday to help the UK housing market.

Rishi Sunak plans to make proposals to raise the property tax threshold to £ 500,000 in an attempt to exempt most home buyers from paying any stamp duty and kick off the British economy, the Times reports.

Reportedly, Sunak will reveal plans this week to raise the threshold at which people start paying stamp duty.

The new threshold would be established for six months to stimulate demand and should be set between £ 300,000 and £ 500,000.

First-time buyers are already exempt from home stamp duty of up to £ 500,000 in London and £ 300,000 in the rest of the UK.

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Home sales have fallen to their lowest levels since records began in April

The British were warned not to move house during the blockade and since then this restriction has been lifted, the market needs a blow to the arm.

Home sales in April have fallen to their lowest levels since records began, according to data from HM Revenue & Customs.

As reported in June, the average house price in the UK fell for the third consecutive month in May, according to Halifax.

A 0.2% drop on a monthly basis in May followed a 0.6% drop in April and 0.3% in March, with an average house price of £ 237,808.


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Rishi Sunak is expected to announce the six-month stamp holiday in the fall budget

That’s over £ 2,500 less than the £ 240,461 in February.

Mr Sunak is ready to provide Members with an economic update on Wednesday, but it is understood that the stamp duty holiday will not be announced until the next budget.

It looks like key figures in the housing and pension sector have written to the Chancellor to urge him to launch a new aid program to scale back to further strengthen the real estate market.

In a letter, industry leaders had asked for stamp duty waivers for older homeowners who moved to smaller homes and freed larger properties for expanding families, reports the Daily Mail.

Meanwhile, the government yesterday announced a £ 1.57 billion support package to “protect” the future of British museums, galleries and theaters.

Sunak said the arts and heritage sectors employ over 700,000 people and are “critical” to the UK economy.

While former advisers to five prime ministers and Tory chancellors urged the government to focus immediately on “jobs, jobs, jobs” in order to reduce debt by 2024.

Economic advisors to George Osborne, David Cameron, Theresa May, Philip Hammond and Sajid Javid have developed a plan for the UK’s recovery from the coronavirus which includes a national debt restructuring agency and a package of skills and jobs Without precedents.

Mr. Sunak must be ready to concentrate all his efforts on the work since the extraordinary nature of the pandemic requires an urgent response, former advisors n. 10 and the Treasury write in a report for the think tank later released Monday.

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