The Chancellor unveiled plans to dramatically reform the way stamp duty is charged in a move that means 98% of home buyers will pay less tax.
He has abolished the residential ‘slab system’ and intends to replace with the following tax bands effective from 4th December 2014.
Purchase price of Property - new rates paid on the part of the property price within each tax band:
£0 - £125,000 0%
£125,001 - £250,000 2%
£250,001 - £925,000 5%
£925,001 - £1,500,000 10%
£1,500,001 and above 12%
Mark’s views/comments: By my calculations the breakeven point is £937,500. Great news if you are buying below that figure but eye wateringly painful for those wanting to buy bigger residential pads – there goes my 2 bedroom apartment in 1 Hyde Park!!