The Prime Minister will use the budget to move tax cuts on March 3 to strengthen the real estate market as Britain recovers from the economic impact of the blockade. Times report..
The government has exempted the majority of homebuyers from paying taxes on real estate worth up to £ 500,000 by the end of March, allowing people to save up to £ 15,000.
The newspaper said extending the policy could cost the Treasury about £ 1 billion.
Snack also reported that the severance system, which is scheduled to end on April 30, will be extended until the end of June so that people can return to work. It has a potential cost of £ 4 billion each month.
The government has already spent £ 300 billion on coronavirus protection to protect the economy in the UK’s three blockades.
It was after the Right-Wing Policy Research Center (CPS) urged Mr Snack not to end the stamp duty holiday.
The center reports that tax cuts have boosted home sales to their highest levels since before the 2007 financial crisis.
According to the data, after the first decline in sales from April to June 2020, the number of transactions increased from 132,090 in the second quarter to 225,870 in the third quarter and 316,300 by the end of the fourth quarter. This is the highest level since 2007.
Stamp duty revenues increased from £ 1.1 billion to £ 1.35 billion in the third quarter, actually 27%, compared to the second quarter, according to a think tank survey, given the continued growth in trading. It is suggested that it will increase again in the fourth quarter.
Think tanks have called on the government to permanently raise the threshold for primary homes to £ 500,000 (costing £ 3 billion) or to abolish it altogether.
Additional report by Press Association
Stamp Duty Holiday’Extended to June with Snack Budget’
Source link Stamp Duty Holiday’Extended to June with Snack Budget’