What might the 2020 Budget hold? – Stamp Duty Land Tax
Prime Minister Boris Johnson said during his Tory leadership campaign that he would consider raising the stamp duty threshold from £125,000 to £500,000 and cutting the top Stamp Duty Land Tax (SDLT) rate from 12% to 7%. Johnson also said he’d consider shifting the responsibility for paying stamp duty from the buyer to the vendor.
At the same time, then Chancellor, Sajid Javid said in media interviews that he too wanted a reform of the tax.
The previous plan to overhaul the stamp duty system was actually dropped from the Tory manifesto, but who knows if this might be resurrected by the Chancellor on 11 March 2020?
We will be closely following developments this afternoon and reporting them as they happen. Make sure you follow our Twitter feed for updates as and when they come https://twitter.com/Cowgills
The information was correct at time of publishing but may now be out of date.