Will post more details shortly.
He says he's cutting stamp duty for 98% of home buyers
In effect from midnight tonight. Each tax rate (and there are new ones) will apply only to the particular slice of the selling price to which they apply, not the whole value of the property (as at the moment).
Currently:
Purchase price of property Rate of SDLT (percentage of the total purchase price)
£0 - £125,000 0%
£125,001 - £250,000 1%
£250,001 - £500,000 3%
£500,001 - £1 million 4%
Over £1 million - £2 million 5%
Over £2 million 7%
12% rate for most expensive houses
Stamp duty rates Mr Osborne spelled out the new stamp duty rates.
No tax on the first £125,000 paid
2% on the portion up to £250,000
5% up to £925,000
10% up to £1.5 million
12% on everything above that.
