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UK Unleashes Slew of Property Tax Cuts to Stoke Market (1)

Sept. 23, 2022, 10:14 AM

The UK government is planning a series of tax cuts to stimulate the country’s slowing housing market just as rising mortgage rates make properties less affordable for new buyers.

The threshold at which property taxes are levied will be doubled to £250,000 ($279,440), Chancellor Kwasi Kwarteng said in his fiscal statement Friday. The stamp duty threshold for those buying their first home will rise to £425,000 from £300,000 previously, while the maximum home value eligible for that relief will increase to £625,000, Kwarteng said.

Read more: UK Stamp Duty Cut: When Will It Start? How Much Is the Saving? ...