The Government has announced on 3rd December 2014 that stamp duty reforms are to be implemented on residential property.
George Osborne has announced a radical overhaul of stamp duty to boost the housing market in this week's Autumn Statement.
The current system of a ‘slab’ single rate stamp duty tax on the entire property price will be replaced with a system of tax bands, like income tax. Osborne said the changes will cut stamp duty for 98% of people who pay it. There will be no stamp duty on the first £125,000 of property value.
This is good news for purchasers of most residential property in the region. For them, the cost of purchasing a house is falling.
Only those purchasers of residential property in excess of £937,500 will be paying more in future.
These reforms do not affect commercial property transactions.