George Osborne has announced that stamp duty will be cut for 98% of homebuyers in his Autumn Statement to the Commons. From midnight (4th December, 2014) the old system, where the amount owed jumps at certain price levels, was replaced by a graduated rate, working in a similar way to income tax.
The new rates of stamp duty are:
Purchase price of property (£)
£0 – 125,000 0%
£125,001 – 250,000 2%
£250,001 – 925,000 5%
£925,001 – 1,500,000 10%
£1,500,001 and over 12%