Stamp Duty Holiday

Rishi Sunak is reportedly preparing to extend the stamp duty holiday which is due to end next month until the end of June.

The chancellor will use his Budget on 3 March to move the tax break in order to bolster the property market as the UK recovers from the economic impact of lockdown.

The government made a vast majority of house buyers exempt from paying the tax on properties worth up to £500,000 until the end of March, allowing people to save up to £15,000 in tax.

It comes after the right-leaning Centre for Policy Studies (CPS) urged Mr Sunak not to end the stamp duty holiday.

A report by the centre said the tax break had increased house sales to their highest level since before the 2007 financial crisis.

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