Stamp Duty Reforms Could Save You Thousands

In today's Autumn Statement, chancellor George Osborne announced that stamp duty will be reformed from midnight tonight (i.e. the new reform will start on Thursday 4th December) and will operate along similar lines to the system introduced in Scotland.

It's great news for many people buying a home or thinking of buying a home, who could save thousands as part of the reform. In his statement, Osborne said that 98% of homeowners in England and Wales will pay less after the changes.

In tangible terms, the reform will mean that anyone buying a house with a value between £125,000 and £937,500 will pay less stamp duty, with only people who buy homes worth more than £937,000 paying more in tax. For instance, a saving of £4,500 would be made on a home worth £275,000 and a saving of £4,900 on a home worth £510,000.

Read the full Government guidelines on the Stamp Duty reforms here.

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