Stamp Duty savings will mean locals in Northumberland save several thousand pounds, and the rich pay more tax
If you’re buying a house, or thinking about it, there’s only one fact you need to know about the Autumn Statement: stamp duty is changing. Gone is the old system of thresholds, and instead it will be a percentage chunk of the value.
So no tax will be paid on the first £125,000 of a property. Then it’s a lesser portion of tax up to £937,500 before increases in tax compared to the old system. The new regime is above. And you’ll note that this is also George Osborne’s answer to mansion tax – he’ll tax the purchase of multi-million pound properties a lot more.
And the distortion created by the old regime is shown in the graph below.