UK's Sunak to announce a hike in property tax threshold, cut VAT on Wednesday – The Times
Citing the UK government sources, the UK Times reported on Sunday, the country’s Finance Minister Rishi Sunak is considering plans to raise the property tax threshold to as high as GBP500K ($623,700) while temporarily slashing the value-added tax (VAT) in the hospitality sector, in an effort to boost the economy.
*Key takeaways*
“Sunak’s plans will also include a temporary VAT cut for pubs, restaurants and cafés to help to protect 2.4 million jobs in the hospitality sector.”
“Exemption in the stamp duty payment for the planned threshold is for a temporary period and could go up to a year.”
“Sunak is set to make an announcement on Wednesday on the government’s job support schemes and its plans to kickstart the economy.”
*FX Implications : *Good for GBP*
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