George Osborne has announced that stamp duty will be cut for 98% of homebuyers in his Autumn Statement to the Commons. From midnight (4th December, 2014) the old system, where the amount owed jumps at certain price levels, was replaced by a graduated rate, working in a similar way to income tax.

The new rates of stamp duty are:
Purchase price of property (£)
£0 – 125,000                    0%
£125,001 – 250,000          2%
£250,001 – 925,000          5%
£925,001 – 1,500,000       10%
£1,500,001 and over         12%

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