Stamp duty reduction

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Chancellor to announce immediate stamp duty cut Rishi Sunak is expected to announce an immediate cut to stamp duty to boost the housing market. However, it is not yet known whether the temporary tax break will apply just to first-time buyers or all house purchases. The Chancellor is expected to raise the threshold from £125,000 to £500,000 – properties costing £500k accounted for nine in 10 of all transactions last year. However, experts have warned more support is urgently needed to boost the market, as fears grow that a COVID-19 recession will hammer prices.

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