(UK relief package) Stamp duty break to lift housing market

Business | 9 Jul 2020 10:50 am

UK Chancellor Rishi Sunak announced a "plan for jobs" yesterday to stimulate Britain's battered economy. The package of measures in worth £30 billion.

Among the measures is a stamp duty holiday for the property sector.

The threshold for paying stamp duty will be raised temporarily from £125,000 to £500,000 until 31 March 2021, resulting in the average stamp duty bill falling by £4,500

The measure, designed to boost confidence in the housing market after a slump in transactions, is expected to mean nearly nine out of ten people buying a main home this year paying no duty at all.-Sky News

 

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