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...
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