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.