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Liz Truss set to chop stamp responsibility as housing market rocked by 15.5% surge – ‘Drive development!’ | Politics | Information

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Liz Truss set to chop stamp responsibility as housing market rocked by 15.5% surge – ‘Drive development!’ | Politics | Information

2022-09-20 23:10:00

Liz Truss will unveil radical plans to chop the levy imposed on property consumers in a bid to push financial development, a report has claimed. In line with a report within the Instances, the Prime Minister and her Chancellor Kwasi Kwarteng have been engaged on the plan for greater than a month.

It’s anticipated to be introduced on Friday when Mr Kwarteng unveils his so-called ‘Progress Plan’ to MPs within the Home of Commons.

Ms Truss reportedly believes reducing the stamp responsibility levy will assist encourage financial development by aiding people who find themselves struggling to get on the property ladder.

Two Whitehall sources advised the Instances that reducing the property tax was the “rabbit” in Mr Kwarteng’s mini-budget.

The change to stamp responsibility comes after the Workplace for Nationwide Statistics revealed that common UK home costs elevated by 15.5 % over the 12 months to July 2022.

JUST IN: ‘Vastly overblown’: Brexit doom-mongering blown away – UK in higher financial form than EU

The ONS stated the rise “was primarily due to a base impact from the falls in costs seen this time final 12 months because of modifications within the stamp responsibility vacation”.

The present mannequin ensures no stamp responsibility is paid on the primary £125,000 of any property buy.

It additionally helps first-time consumers as the brink at which stamp responsibility is paid is £300,000.

The fiscal occasion can be anticipated to incorporate Ms Truss’ plans to reverse Rishi Sunak’s rise in nationwide insurance coverage contributions and company tax freeze.

Chatting with the BBC, Ms Truss added: “We do should take troublesome selections to get our financial system proper.

“Now we have to take a look at our tax charges.”



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