Mr Osborne has announced new stamp duty land tax rates in the Autumn Statement. As a result, stamp duty will be cut for the 98% of homebuyers who pay it.
New stamp duty rates
The new rates are as follows:
- No tax on the first £125,000 paid
- 2% on the portion up to £250,000
- 5% up to £925,000
- 10% up to £1.5 million
- 12% on everything above that.
If you have exchanged contracts, but not completed the deal by midnight tonight (3rd December), the chancellor said: "You will be able to choose whether to pay under the old system or the new, so no one in the middle of moving house will lose out."
HMRC stamp duty calculators
Click here for the HMRC's stamp duty land tax calculators.