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People currently in the process of purchasing a home could choose which regime to operate under, Mr Osborne said.

Under the new rules, no tax will be paid on the first £125,000 of a property, followed by 2% on the portion up to £250,000, 5% on the portion between £250,000 and £925,000, 10% on the next bit up to £1.5 million and 12% on everything over that.

The Treasury said someone buying a property at the average family home price of £275,000 would save £4,500, while a £2.1m purchase would carry £18,750 more stamp duty compared with the old system.


Purchase price

Stamp duty rate – on that portion of the purchase price

Up to £125,000


£125,000.01 – £250,000


£250,000.01 – £925,000


£925,000.01 – £1,500,000


£1,500,000.01 +