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Boris Johnson plots radical stamp duty cut

The Times reports that prime minister hopeful Boris Johnson is considering an “overhaul” of stamp duty as part of plans for a no deal exit from Europe.

The change, which would see the tax axed on homes worth less than £500,000 as well as hauling rates on properties worth more than £1.5m from 12 per cent to 7 per cent, is part of a proposed package that includes “an assault on regulation” and a series of tax cuts.

It would also see him raise the annual investment allowance threshold for business owners “significantly” above the current level of £1m.

The current frontrunner in the Tory leadership contest is also apparently planning a “levelling up” of the nation through major infrastructure investment, with The Times reporting that Johnson described rail as currently being too expensive.

The report adds that Johnson offered current home secretary Sajid Javid the job of chancellor during a phone call last weekend, although this has not been confirmed by the Johnson team.

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