Labour has called on Rishi Sunak to rethink a 'secret £1bn giveaway' to second home owners in his mini-Budget. The Mirror revealed today that the Tories' emergency Stamp Duty cut will hand a massive tax break to landlords and people buying second homes, it's been revealed.
The Chancellor yesterday slashed the property sales tax by moving the threshold when it kicks in, from £125,000 to £500,000.
Mr Sunak said the £3.8bn temporary change, to March 31, 2021, will take almost nine in ten buyers out of the tax and stimulate the housing market.
It will save the average buyer £4,500, rising to a maximum of £15,000 for homes over £500,000. But because the biggest benefit goes to people buying more expensive houses, experts warned wealthy London
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