(Reuters) – British Finance Minister Rishi Sunak is drawing up proposals to raise the property tax threshold as high as 500,000 pounds ($623,700), in a bid to exempt most homebuyers from paying any stamp duty and 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 sterling to as much as 500,000 sterling, the newspaper reported.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Kim Coghill)
