As part of his mini budget speech, Mr Sunak told the Commons: "Right now, there is no stamp duty on transactions below £125,000. "Today, I am increasing the threshold to £500,000.
This will be a temporary cut running until March 31 2021 – and, as is always the case, these changes to stamp duty will take effect immediately."The average stamp duty bill will fall by £4,500.
And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all."As well as stamp duty, the Chancellor has announced plans to cut VAT on food, accommodation and attractions, reports PA.Mr Sunak said VAT will be reduced from 20% to 5% from July 15 until January 12 to help, noting: "This is a £4 billion catalyst for the hospitality and tourism.
Read more on manchestereveningnews.co.uk
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