Rishi Sunak is set to axe stamp duty on most homes on Wednesday in a temporary move designed to boost the flagging housing market. Whitehall sources said the Chancellor was ready to introduce a six-month stamp duty holiday as part of his mini-Budget designed to boost growth and jobs. If the stamp duty threshold is raised as high as £500,000, this would be worth £15,000 to the home buyer. Mr Sunak acted on stamp duty after leaked reports revealed he was considering making a cut in his main Budget this autumn. Former chancellor Philip Hammond warned that a temporary cut in stamp duty would only bring forward economic activity, rather than increase it overall.

Source: Daily Mail July 07, 2020 21:01 UTC