Sunday, April 21

Day: July 6, 2020

UK to cut stamp duty for 6 months
Featured, United Kingdom

UK to cut stamp duty for 6 months

    The UK government could announce a stamp duty holiday for home buyers in a bid to boost economic recovery from the coronavirus, according to reports. Chancellor Rishi Sunak is said to be weighing up raising the threshold for the tax to between £300,000 and £500,000, leaving the average property exempt from the tax. Stamp duty land tax (SDLT) is levied on property buyers as a percentage of the purchase price. Home buyers pay between 2% and 12% of the value of the property above £125,000 in England and Northern Ireland. Thresholds are already higher for first-time buyers. The tax has been devolved to the Scottish and Welsh governments, which have renamed it and varied the rates. The reports did not make clear how the changes being floated could affect Scotland and Wa...