Stamp Duty – what are the new rates?

On the subject of stamp duty land tax in George Osborne’s Autumn budget statement, the Chancellor declared that it “is a badly designed tax system” and had to be changed. From midnight 3rd December, no duty is to be paid on a sale price up to £125,000. It’s then 2% on the next £125,000, 5% on the next £675,000, 10% on the next £575,000 and 12% on the remainder of the purchase price. As a result, stamp taxes “will be reduced for 98% of people buying homes,” according to George Osborne, who points out that “on an average home sale price of £275,000, a buyer would pay £4,500 less tax than previous levels.” This, he stated, shows the Government’s backing for individuals that want to “work, save and own your own home.”