The Chancellor announced a cut to Stamp Duty Land Tax (SDLT) on residential property purchases in England, effective from midnight on 23rd September.
Currently there is a nil rate band of £125,000, 2% is payable on the next £125,000, and 5% on the next £675,000. Higher rates of 10% and then 12% are payable on the purchase price over £925,000 and £1.5 million respectively. From 24th September, the nil rate band is doubled to £250,000 and the 2% band is abolished, but all other bands and rates remain unchanged. This results in a saving of £2,500. Read this post