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 the Increase in Stamp Duty is Impacting Private Landlords: What You Need to Know
The UK housing market has seen significant shifts recently, and one of the most impactful changes for private landlords is the increase in stamp duty....
Maintaining Good Communication – A guide for Landlords & Property Managers
Clear, consistent, and respectful communication is the cornerstone of any successful relationship—and the dynamic between a landlord and tenant is n...
A Landlord’s Guide to the Budget 2021 - Part 2
Recently, the Chancellor of the Exchequer Rishi Sunak delivered a ground-breaking UK Budget in the midst of the COVID-19 pandemic. Welcome to our fo...