Autumn Statement 2014: Osborne on stamp duty tax change

George Osborne said the stamp duty changes in his Autumn Statement will benefit 98% of homebuyers.

The chancellor announced the current system would be replaced by a graduated rate, similar to income tax, effective at midnight on Wednesday.

The changes in his "complete reform" means no tax will be paid on the first £125,000 of a sale, then 2% on the portion up to £250,000, 5% up to £925,000, and 10% up to £1.5m.

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