|Boost for UK Moving Industry
The British Government delivered some help to the moving industry in the United Kingdom yesterday with an announcement of an extension to the “holiday” for the tax duty payable when a home is sold.
The decision to suspend the stamp duty for properties under £500,000 in value until June 30, 2021 aims to encourage property purchases and should therefore impact the number of household goods moves. At the higher end of the property market, the announcement could save potential moving customers as much as £15,000 (€17,350) when purchasing a home with a value of £500,000 or more.
Removals Company says “We are pleased to hear that Stamp Duty cut has been extended in today’s Budget until the 30th June for homes under £500,000. Hopefully this will have continued to have a positive effect across the UK property market and reassure all those who have been caught up in the slow sales process over the last few months,” the message said.
The government also announced support for first time home buyers that should further support activity in the property market and therefore benefit the moving companies in all segments of the industry.