U.K. Property Sales Tax Cut Targets Mid-Priced Homes
- Change to stamp duty will run until the end of March next year
- Reform means 90% of homebuyers will pay no sales tax at all
Photographer: Matthew Lloyd/Bloomberg
This article is for subscribers only.
House hunters in the U.K. face a tough choice: buy now and take advantage of a sales-tax break, or hold off in case the value of their new home drops in the recession.
The government on Wednesday raised the price threshold at which the sales tax is paid to 500,000 pounds ($631,000) until the end of March. At that level, 90% of buyers won’t pay any tax, and those purchasing more expensive homes will save as much as 14,999 pounds.