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UK to lift property tax threshold; cut VAT for hospitality sector

LONDON (July 6): In a bid to revive Britain's economy, British Finance Minister Rishi Sunak is mulling to increase the country’s residential property tax threshold to as high as £500,000 (RM2.67 million), The Times reported on July 5.

Sunak will unveil the plans this week to lift the house buyers’ stamp duty land tax threshold from £125,000 to £500,000. This is to exempt most homebuyers from paying any stamp duty.

The report said Sunak is set to make an announcement on July 8 on the government’s job support schemes and plans to revive the country’s economy which was badly hit by the Covid-19 pandemic. 

Sunak also proposed to temporarily reduce the value-added tax (VAT) for cafés, pubs and restaurants in an attempt to save 2.4 million jobs in the hospitality sector.

The daily cited government sources saying that the stamp duty payment exemption is only a temporary measure and could last up to one year.

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