At the Autumn Statement 2014, George Osborne announced sweeping reforms to Stamp Duty - a little over a year after the TPA began its Stamp Out Stamp Duty campaign. There's still more to do but it was a fantastic start. Our Chief Executive Jonathan Isaby said at the time:
Stamp Duty reform will be an early Christmas present for young people looking to get on the housing ladder and families who want to move home. The Chancellor is right to significantly reduce the burden that this tax on ambition has placed on hard-pressed taxpayers. Let's hope this is a first step towards abolishing Stamp Duty altogether.
What the reforms mean:
- Abolition of the 'slab' rate
- 0% paid for the first £125,000 then 2% on the portion up to £250,000
- 5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home
- Changes to come into effect at midnight on Thursday, 4 December