Update coming soon. Live Stream here! Chancellor Rumoured to Announce Six Month Stamp Duty Break
Jul 6, 2020
Chancellor Rishi Sunak is expected to deliver a temporary change in stamp duty in a ‘mini-budget’ announcement this Wednesday.
In a ‘Summer Economic Update’, the Chancellor is said to exempt many potential homebuyers from paying stamp duty in an attempt to increase demand for homes and inject life back into a waning housing market hit by the Covid-19 lockdown. This will work by increasing the threshold at which buyers have to pay tax on their house based on its value.
Currently, buyers pay an increasing portion of stamp duty on residential properties from £125,000 but this is said to change to between £300,000 and £500,000, potentially making it much easier for people to buy homes in the coming months. The new limit would be set for six months and will help to boost recovery to the housing market that was affected by restrictions on moving and falling house prices. HMRC figures reveal the lowest level of home sales since records began in 2005 during the month of April.
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