New Stamp Duty

The Chancellor staged a tax grab on wealthy homebuyers by raising stamp duty on homes costing &2m or more to 7%, and attempted to slam the door shut on "morally repugnant" tax avoidance by hitting those who buy such properties through a company with a punitive 15% charge.

The 7% rate equates to a &140,000 tax bill on a &2m house and a rise in the bill on a &5m house from &250,000 to &350,000. Some commentators said the measures meant the Liberal Democrats had more or less succeeded in pushing through a version of their "mansion tax".

To make sure well-off homebuyers actually pay up, George Osborne accompanied his announcement with a warning that he would act "swiftly, without notice and retrospectively" if wealthy individuals or their accountants managed to dream up underhand ways of getting around the rules.
Categories: Hunters News