Monday, 06 Jul 2020 08:00 AM MYT
LONDON, July 6 — British Finance Minister Rishi Sunak plans to raise the property tax threshold to as high as £500,000 and temporarily cut the value-added tax in the hospitality sector, in measures to kickstart Britain's economy,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.
Britain's hospitality sector has called for “urgent” support from Prime Minister Borish Johnson, with around 120 hospitality and tourism bosses signing an open letter asking for aid and investment, BBC reported yesterday.
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