Rishi Sunak is reportedly preparing to extend the stamp duty holiday which is due to end next month until the end of June.
Rishi Sunak is reportedly preparing to extend the stamp duty holiday which is due to end next month until the end of June.
The chancellor will use his Budget on 3 March to move the tax break in order to bolster the property market as the UK recovers from the economic impact of lockdown, The Times reported.
The government made a vast majority of house buyers exempt from paying the tax on properties worth up to £500,000 until the end of March, allowing people to save up to £15,000 in tax.
The paper said extending the policy could cost the Treasury around £1bn.
It also reported that Mr Sunak was expected to extend the furlough scheme, which is set to end on 30 April, until the end of June as people could return to work – at a potential cost of £4bn each month.
Source: Independent
Articles
Our latest blog articles
How to Choose Reliable Tenants:
5 Key Tips for UK Landlords
Finding dependable tenants is one of the most important aspects of successful property management. The right tenant can help protect your property, en...
Soaring house prices in 2020 likely to slow this year, says Halifax
UK house prices rose by 6% last year, according to the Halifax, but the lender is predicting "downward pressure" on values in 2021. The mortgag...
Has the Property Market Hit Its Ceiling?
According to Zoopla, in the last quarter of 2020 there were over 140,000 more people in the process of purchasing a property than there was in the pr...