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Budget announced for March 11th but will Javid deliver on stamp duty?

Chancellor of the Exchequer says he wants to deliver on election tax promises, which included removing duty on sales under £500k.

Nigel Lewis

budget 2020

The Chancellor of Exchequer Sajid Javid has announced that his first budget following the General Election will be on 11th March 2020.

Estate agents will be hoping Javid and his HM Treasury team will deliver on Boris Johnson’s promise to reform stamp duty and help mitigate some of the harm to consumer home buying confidence generated during the past three and half years since the EU Referendum vote.

The prospect of this happening looks promising – Javid today said his immediate plans included ‘delivering on the Government’s promises on tax’.

During the election campaign Johnson said he’d immediately remove stamp duty from all house sales under £500,000 which, most agents hope, would mean during the next budget announcement.

Johnson also said he’d consider shifting the responsibility for paying stamp duty from the buyer to the vendor, an idea that was largely welcomed by the industry.

In the meantime Javid has only revealed his general aims for the budget.

Unleash potential

“People across the country have told us that they want change. We’ve listened and will now deliver,” he said today.

“With this Budget we will unleash Britain’s potential – uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal.”

One budget measure revealed last week was a significant increase in the National Minimum Wage.

The new rate of pay will come in on 1 April 2020, a rise from £8.21 to £8.72 for workers over the age of 25, marking an increase of 6.2 per cent to £17,160 a year.

 

January 7, 2020

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