Stamp Duty Cut

Rishi Sunak has confirmed that the threshold for paying stamp duty will be raised from £125,000 to £500,000 immediately in a bid to help the UK housing market out of the coronavirus lockdown. The Chancellor said the stamp duty holiday, which will run to March 31 next year, will result in an average saving of £4,500 and will benefit nine in 10 house buyers. John Tonkiss, chief executive of housebuilder McCarthy and Stone, said the move is a “no brainer to reinvigorate the economy,” while according to Jonathan Evans, real estate director at Deloitte, based on the average price of a home in England, a purchaser can now expect to save almost £2,500 by not paying stamp duty. In addition, Evans notes, the average property in London (£485,000) will also be exempt and save £14,200. But Tim Stovold, head of tax at Moore Kingston Smith, said it was a blow for first-time buyers, who would find themselves “competing in a market full of landlords keen to cash in.”

Financial Times, Page: 4 The Guardian, Page: 6 The Times, Page: 8 The Daily Telegraph, Page: 7

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