LONDON (UK) – British finance minister Rishi Sunak is gearing up to extend the stamp duty holiday by three months until the end of June. He is taking this attempt to strengthen activity in the housing market as the country come out from lockdown, The Times reported on Wednesday.
The report added that the extension to the policy, which covers sales of properties worth up to 500,000 pounds ($708,100), could amount to 1 billion pounds on the government.
Britain raised the threshold of property tax to 500,000 pounds last July from 125,000 pounds, setting aside nine of 10 people buying a main home from stamp duty. The temporary cuts are likely to expire in March 2021.
Sunak will employ his annual budget on March 3 to extend the policy to the end of June, by bringing it in line by relaxing lockdown restrictions, the newspaper said.
He will also declare plans to raise corporation tax while Treasury officials are taking a 25% tax hike into consideration.
Sunak said on Tuesday that he would chart out more details of job support measures at his budget next week. Official figures had recently shown that unemployment had risen to its highest since early 2016.
