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[BNO Immigration to the UK] Stamp duty relief extended to the end of June 2021 to benefit properties under £500,000

The United Kingdom has opened the Hong Kong BNO Visa “5+1” visa application to Hong Kong people. Many Hong Kong people consider immigrating to the United Kingdom. Housing needs will be a major consideration for immigration. British Finance Minister Rishi Sunak’s new budget announced on Wednesday will extend the “stamp duty holiday” for residential properties to June this year, which may have an impact on Hong Kong people’s immigration to the UK. Finance Minister Rishi Sunak said that the COVID-19 pandemic has dealt a severe blow to the British economy, and the “stamp duty holiday” is to support the British economy at a critical time. Due to the strong trading volume of residential properties, the tax exemption for new transactions may not be processed before the end of March, so it was decided to extend the “stamp tax holiday” for residential properties to June, 2021. By the end of September, the stamp duty exemption will be reduced to 250,000 pounds (approximately 2.5 million Hong Kong dollars), after which the UK stamp duty exemption will be reduced to 125,000 (approximately 1.25 million Hong Kong dollars). However, the extension of the “stamp duty holiday” will further hit UK treasury revenue, which is expected to reduce by 1.6 billion pounds (about 16 billion Hong Kong dollars). The “Stamp Duty Holiday” exempts buyers from paying the first 500,000 pounds (approximately HK$5 million) of tax on property prices. It is intended to help people buy or sell properties during the COVID-19 pandemic  and stimulate property market transactions.

Source: https://inews.hket.com/article/2892150/

#UKimmigration #UKpropertyinvestment #stampdutyholiday #BNOVisa