UK chancellor Sunak could hike business rates for 'most valuable properties' - Telegraph

Ross J Burland FXStreet

Rishi Sunak is considering an increase in business rates. Mr Schurder said the "most valuable properties" could include large shops, supermarkets, offices, hotels and cinemas.

This follows news earlier in the year that the Chancellor Rishi Sunak plans for a temporary exemption for homes at the lower end of the market in the Budget in the autumn.

Treasury officials are looking at raising the threshold at which homebuyers start paying stamp duty.

Currently, the levy is not charged on the first £125,000 of the property selling price, with a 2 per cent rate up to £250,000 and 5 per cent on the next £675,000.

The new threshold, which would be put in place for six months to stimulate demand, is likely to be set at somewhere between £300,000 and £500,000.

Market implications

There was no reaction in the pound to the headline and rather, the greenback is suffering domestic affairs in Congress as well as on Mainstreet pertaining to the spread of the coronavirus.

GBP/USD Forecast: No reasons for a directional move

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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