UK's Chancellor of the Exchequer, Rishi Sunak. - AFP
LONDON: British Finance Minister Rishi Sunak plans to raise the property tax threshold to as high as £500,000 (US$623,700) and temporarily cut the value-added tax (VAT) in the hospitality sector, in measures to kickstart Britain’s economy, The Times reported on Sunday.
Sunak will reveal plans this week to lift the threshold at which people start paying stamp duty from £125,000 to as much as £500,000 in an attempt to exempt most homebuyers from paying any stamp duty, the newspaper reported.
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