Change in Stamp duty 2015

Change in Stamp duty 2015

From midnight tonight, new stamp duty changes implemented by George Osbourne in this Autumn statement will come into force. Today, George Osbourne has announced a complete reform of stamp duty meaning that the dreaded property moving tax will be charged on a single-slab rate. 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 currently)

The new rates will be

• nothing on the first £125,000
• 2% on the share above that up to £250,000
• then 5% on the next slice up to £925,000
• then 10% on the next slice up to £1.5m
• then 12% on everything above that

Mr Osbourne comments that as a result stamp duty changes will be cut for 98% of homebuyers who pay it. People buying an average house, worth £275,000, will save £4,500 from the previous scheme in place.

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