Bloomberg Tax
Sept. 21, 2022, 8:41 AM

Truss Plans to Cut UK Stamp Duty Tax, The Times Reports (1)

Neil Callanan
Neil Callanan
Bloomberg News

Prime Minister Liz Truss will cut the rates of stamp duty for UK home purchases as the government attempts to stimulate growth, The Times of London reported. Homebuilders climbed.

The premier and her Chancellor of the Exchequer Kwasi Kwarteng will announce the measure on Friday as part of a mini-budget to boost the country’s economy, the newspaper said, citing two people with knowledge of the matter. The Treasury declined to comment.

Any reduction in the levy will probably bolster home prices, which soared during the pandemic when the tax was suspended for many buyers in order to stimulate demand. ...