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| Mini-Budget News |
Well……what an unusual day.
Chancellor Rishi Sunzak in his mini-budget today gave many of us something to
smile about.
VAT cut
Great news for the hospitality
industry is the cut in VAT from 20% down to 5% and pubs are included.
Government Discounts of Meals
Then he went on to announce
something we all thought a bit unusual but still a great idea. During the month
of August restaurants and pubs can offer 50% discounts of up to £10 per person on
meals served during Monday, Tuesday and Wednesdays.
Those businesses can claim
the discount back from the government via a special website being set up for
next week. But only non-alcoholic drinks are included in the discount scheme.
Stamp Duty Threshold increased to £500,000
Great news for anyone
thinking about placing their property on the market from today.
The threshold for paying zero
stamp duty was increased from the current £125,000 to £500,000. Remember stamp
duty is normally payable by the buyer.
Here are some examples of the savings on property sales from today.
Property Selling Price £ | Buyer would normally pay £ | Buyer now Pays £ |
| 495,000 | 14,750 | 0 |
| 395,000 | 9,750 | 0 |
| 295,000 | 4,750 | 0 |
| 195,000 | 1,400 | 0 |
| 175,000 | 1,000 | 0 |
| 150,000 | 500 | 0 |
The Chancellor made other announcements today all designed to help put life back into our economy post Covid-19.
I’m sure all of us want these
special incentive measures to work for the good of the economy and help us stay
in employment.
Thanks for reading.
I’m always happy to help
property sellers and buyers
☎01777 237310 ☎ Messages to ☎07981 744003 ☎
geraldbowers@thegoodea.co.uk
The Good Estate Agent – North Nottinghamshire
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