George Osborne has said stamp duty will be cut for 98% of homebuyers in his Autumn Statement to the Commons.
George Osborne brings in radical new stamp duty reforms from midnight TONIGHT
The main changes are as follows
- The property tax known as stamp duty will be completely reformed says the chancellor. And from midnight tonight. Each tax rate (and there are new ones) will apply only to the particular slice of the selling price to which they apply, not the whole value of the property (as at the moment).
Mr Osborne spelled out the new stamp duty rates.
- No tax on the first £125,000 paid
- 2% on the portion up to £250,000
- 5% up to £925,000
- 10% up to £1.5 million
- 12% on everything above that.
He said:”As a result stamp duty will be cut for the 98% of homebuyers who pay it.”
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