Government to 'axe stamp duty for six months on homes worth up to £500k'
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mirror.co.ukThe Chancellor is expected to announce a six-month stamp duty holiday to help Britain's flagging house market, according to reports.
Rishi Sunak is understood to be drawing up proposals to raise the property tax threshold as high as £500,000, in a bid to exempt most homebuyers from paying any stamp duty and kickstart Britain's economy, The Times reports.
Mr Sunak will reportedly reveal plans this week to increase the threshold at which people start paying stamp duty. The new threshold would be put in place for six months to stimulate demand and is expected to be set betwen £300,000 and £500,000.
First time buyers are already exempt from stamp duty on home of up to £500,000 in London and £300,000 in the rest of the UK.
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