Advisers welcome 'ingenious' stamp duty overhaul

The changes, which were announced at this year's Autumn Statement involve the introduction of a tiered taxation system based on the value of a property. Advisers said many clients will benefit from the move, which could create a more buoyant housing market and also help first-time buyers onto the property ladder. The new system dictates that instead of paying 1% tax on a £250,000 home and 3% on one costing £250,001, buyers will now be levied according to a five tier system. No tax is payable on the first £125,000 of the purchase price; 2% on amounts up to £250,000; then 5% up to £9...