Stamp duty – Land duty stamp tax on all £2million homes will be raised to 7 per cent from 5 per cent. Stamp duty on £2million-plus homes bought into a company, which is a way many wealthy people avoid stamp duty, will attract a punitive 15 per cent tax rate.
Read more: http://www.thisismoney.co.uk/money/news/article-2118109/BUDGET-2012-SUMMARY-Key-points-glance.html#ixzz1plIGS0zd
This is fantastic news. Not perhaps for people who wanted stamp duty holidays again at the lower end of the market, but for the government to get a grip of the stamp duty avoidance that goes on.
Why have they picked £2m?
I think that’s the average price of a house in Chelsea. Have a look at some Chelsea housing stats.