Reforms in Stamp Duty Land Tax, brought in by the Chancellor at the end of 2014, have resulted in the amount payable on an average UK property being more than halved. Research by Post Office Money said the reforms came as a huge relief to property buyers who had seen the average Stamp Duty bill increase by over 300%, from £1,900 in 2004 to £7,800 in 2014.
The amount payable on a typical £273,000 house has dropped from around £8,200 to just £3,650 as a result of the changes. Only those buying houses worth almost £1 million have seen the amount increase. The research also concludes that buyers will still be better off by 2020 when they are forecast to spend £5,750 on Stamp Duty.
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