Osborne bins 'single slab' stamp duty; unveils new tiers

The government is to scrap the existing 'single slab' approach to stamp duty on residential property purchases, introducing a new tiered charge from 4 December.

The current system means buyers pay 1% in stamp duty land tax tax on a £250,000 home, but 3% on a property costing £250,001. This represents an unfair system, Chancellor George Osborne said during the Autumn Statement. Accordingly, as of midnight tonight, the government is introducing a tiered approach. There will be: No tax on the first £125k of purchase price; Then 2% on amount up to £250k; Then 5% up to £925k; Then 10% up to £1.5m; Then 12% on everything else The Chancellor said stamp duty will be cut for "98%" of homebuyers who currently pay it as a result of the cha...