AS14: Osborne bins 'single slab' stamp duty; unveils marginal tiers

Laura Miller
clock

The government is to do away with the existing 'single slab' approach to stamp duty on residential property purchases, introducing a new tiered charge from 4 December.

Buyers currently pay 1% tax on a £250,000 home, but 3% on one costing £250,001, which represents an unfair system, George Osborne announced during the Autumn Statement on 3 December. Instead, from 4 December, there will be a tiered approach. There will be: No tax on first £125,000 of purchase price; Then 2% on amount up to £250,000; Then 5% up to £925,000; Then 10% up to £1.5m; Then 12% on everything else. The Chancellor said: "As a result stamp duty will be cut for the 98% of homebuyers who pay it." Shadow Chancellor Ed Balls welcomed the move, but questioned why the...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

Simon Dawson / No 10 Downing Street

Spring Budget 23: Persistent tax avoidance promoters face charges

Government to consult on creating a new criminal offence

Jenna Brown
clock 15 March 2023 • 1 min read
Neil MacGillivray

Minimising CGT: Avoiding second property tax woes

Keeping good records is of utmost importance

Neil MacGillivray
clock 01 March 2023 • 3 min read
CGT receipts of £13.2bn in January reveal 24% year-on-year increase

CGT receipts of £13.2bn in January reveal 24% year-on-year increase

HMRC stats show upward trend ahead of April tightening

Jenna Brown
clock 21 February 2023 • 2 min read