More tax cuts for first-time homebuyers, pledges Sunak

Rishi Sunak has pledged a tax break for landlords and help for first-time buyers as he prepares to launch the Conservative Party manifesto later today.

- RICHARD WHEELER

The prime minister’s offer will include a 100 per cent relief on capital gains tax liability for landlords who sell to their existing tenants, claiming the move will be “transformational”.

Mr Sunak, who acknowledged during a BBC interview that it has become harder for people to own their first home under the Conservatives, will also pledge to abolish stamp duty up to the value of £425,000 for first-time buyers and launch a “new and improved” Help to Buy scheme.

The Conservative leader has also said tax cuts will be included in the manifesto, with reports suggesting another 2p cut to national insurance.

Labour predicted the Tory manifesto will be the “most expensive panic attack in history”.

Mr Sunak’s speech is expected to see him draw upon the spirit of Margaret Thatcher, who introduced the right-to-buy scheme which led to a sell-off of council homes, and her tax-cutting chancellor Nigel Lawson.