The Chancellor announced changes to the Stamp Duty system in his Autumn Statement which will result in huge savings for 98% of people who pay the tax on buying a new home.  

Buyers will now only pay the rate of tax on part of the property price in each tax band, for example a house costing £175,000 would require a buyer to pay 1% tax on the full amount (£1750).  Under the new system the buyer will not pay any tax on the first £125,000 and 2% on the remaining £50,000 working out at £1000 – a saving of £750.

Please see below for a breakdown of the new tax bands.

  STAMP DUTY REFORM STAMP DUTY REFORM 1

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