Big changes to Stamp Duty announced
George Osborne has announced dramatic changes to Stamp Duty in his 2014 autumn statement. From midnight on December 3rd the stamp duty rates will be:
No tax on properties below £125,000
2% up to £250,000
5% up to £925,000
10% up to £1.5 million
12% on everything above that.
Perhaps the biggest change is that the rates duty will not be charged on the whole value of the property but only the particular slice of the property price to which they apply.
The chancellor has stated he believes this will save stamp duty for 98% of home buyers.
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