Tag: stamp
King Charles unadorned new stamp design revealed
A Lab-Grown Meat Startup Gets the FDA’s Stamp of Approval
Stamp duty, energy bills and alcohol duty: The key mini-budget announcements
Liz Truss to ‘cut stamp duty’ in mini-budget in bid to help first-time buyers and ‘push prosperity’
LIZ Truss will use this week’s mini-budget to cut stamp duty in a bid to drive economic growth, it was reported last night.
The PM has been working secretly on plans with the Chancellor Kwasi Kwarteng for the past month which will be unveiled on Friday.
Liz fired the starting gun on a tax cuts revolution but saidshe did not care if the richest gaining the most made her unpopular[/caption]
Cutting the levy will encourage growth by allowing more people to move property and getting more first-time buyers on the housing ladder.
Whitehall sources said the move was “rabbit” out of the hat in the growth plan, The Times reported.
Under the current system no stamp duty is paid on the first £125,000 of any property purchase. The threshold at which the duty is paid for first-time buyers is £300,000.
How much buyers pay depends on the price and type of property, including if it’s residential use or non-residential or mixed-use.
The new PM will launch a major shake-up of all levies for hard-up families and businesses, with Chancellor Kwasi Kwarteng preparing to unveil his mini-Budget on Friday.
The mini-budget will also include a reversal to the national insurance and a freeze to corporation tax.
Speaking as she arrived in New York for her first major international summit as Prime Minister, she said: “I don’t accept this argument that cutting taxes is somehow unfair.
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“What we know is people on higher incomes generally pay more tax so when you reduce taxes there is often a disproportionate benefit.”
A source told The Sun that the PM’s quest for growth would trigger a “seismic shift” in policy not seen since the days of Margaret Thatcher.
She is preparing to lift a long-standing cap on bankers’ bonuses and could look at reducing the 45p top rate of tax.
She all but confirmed that Friday would see the National Insurance levy reversed and the corporation tax rise shelved.
Ms Truss said: “Not every measure will be popular.
“This is about growing the size of the pie.
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“If that means taking difficult decisions, yes, I’m prepared to make those decisions.”
Last night Mark Littlewood of the Institute of Economic Affairs said the mini-Budget might see “the most radical changes in tax and regulatory policy since the 1980s”.
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Ms Truss also said today on her first overseas trip since becoming PM:
- She was prepared to be “unpopular” with her plans – but insisted it was the right thing to do to grow the economy
- A trade deal with the US was still years away as Joe Biden
Homebuyers should get fifty per cent stamp duty rebate for making their property more energy efficient, think tank says
HOMEBUYERS should get a fifty per cent stamp duty rebate for making their property more energy efficient to help the UK reach net zero, a think tank says.
New purchasers must carry out the retrofit within 12 months by installing heat pumps and other efficiency measures in a bid to cut carbon emissions, the report proposes.
Homebuyers should get a fifty per cent stamp duty rebate for making their property more energy efficient, a think tank says[/caption]
New purchasers must carry out the changes within 12 months of buying, the report proposes[/caption]
Nearly 250,000 homes would be made more environmentally friendly if one in five new buyers took up the proposal to reduce leaky homes, the Going Green report by Onward says.
A similar scheme in Finland has helped the country have one of the highest rate of heat pump installations in Europe.
Tory leadership contenders Liz Truss and Rishi Sunak are being urged to encourage a sceptical public to adopt the new technologies when either candidate enters Number 10.
The success of the Cycle to Work scheme should also be replicated for solar panels and also heat pumps through a salary sacrifice scheme.
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The report says although large organisations have taken action so far individuals have been “hesitant” about adopting new technologies.
The government has committed to reducing net emissions of greenhouse gases by 100 per cent relative to 1990 levels, by 2050.
If achieved this would make the UK a net zero emitter.
Tory MP Philip Dunne said: “Installing insulation and retrofitting properties with energy efficiency measures can bring the UK back on track to achieve net zero goals, while also reducing household bills in the midst of the current cost of living challenges.”
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Onward’s Alex Luke, report author, said: “The UK has made great progress towards decarbonisation, but will not reach net zero by 2050 unless people rapidly adopt new technologies and change their behaviours.
“Fortunately, there are lots of ways Ministers can make these changes easier for people, using both behavioural nudges and incentives for collective action.”