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Last Updated: 11/12/2014  
Tags: Stamp Duty Land Tax

George Osborne has announced a fairer stamp duty system replacing what he labelled ‘badly designed’ rules, claiming 98% of buyers would pay less under the new scheme.
Stamp duty land tax has to be paid on most purchases of houses, flats and other land and buildings. Buyers pay a fixed percentage on the previous price based on the figures within the attached table.
These changes are effective from Thursday 4th December 2014.
These changes do not mean there is a sudden hike in stamp duty as you pay the difference between thresholds.
However, there will be higher costs on any property transaction over £937,000.
With a significant amount of transactions in Central London being over £937,000 we will have to wait and see what effect this has on the Central London market.