What are the new Stamp Duty rates?
The amount of Stamp Duty you pay depends on the cost of the property.
The price at which Stamp Duty is paid has just been doubled from £125,000 to £250,000.
The rates are now:-
0%: £0-£250,000 (£425,000 for first time buyers)
5%: £250,00 - £925,000
10%: £925,000 - £1,500,000
12%: £1,500,000+
The Chancellor added that discounted Stamp Duty for first time buyers will now apply to properties costing up to £625,000 - up from £500,000.
The average price of a house in England is £312,000.
Under the new rates you would pay a total of £3,100 in Stamp Duty for this property, down from £5,600 under the previous rate.
