Changes to Stamp Duty announced by the Chancellor - are you a winner or a loser? our property lawyers explain the changes

In his Autumn statement today the Chancellor of the Exchequer announced radical changes to the stamp duty regime which will apply from midnight tonight.

 

Under the new regime, no tax will be paid on the first £125,000 of a property

Followed by 2% on the portion up to £250,000.

5% up to £925,000

10% up to £1.5 million

and 12 % on everything over that.

The majority of people purchasing property will therefore save money under the new regime.

Information we are receiving is that anyone who has exchanged contracts can choose to pay Stamp Duty under the old or the new rules. This is subject to confirmation.

For a useful calculator to see whether you benefit from the changes please click here

When more is known we will provide a further update.