Mon 22 Dec 2014

Stamp duty reform welcomed by CML

The CML has welcomed the latest reforms to stamp duty announced in the Autumn Statement.

The Council of Mortgage Lenders (CML) has welcomed the announcement that stamp duty has been reformed as part of the chancellor's latest Autumn Statement.

It will see the abolition of this tax for all property buyers on the first £125,000 of their new home, rising to two per cent for the value between £125,001 and £250,000.

Five per cent tax will then be paid for the value from £250,001 to £925,000, ten per cent for the next portion of home value to £1.5 million and 12 per cent above this level.

CML director general Paul Smee commented: "Although there are losers as well as winners, the vast majority of mortgaged transactions will benefit from lower tax as a result of this move."

According to the organisation's data, 21.6 per cent of all transactions in the last 12 months have been for properties valued at less than £125,000 and 47.9 per cent for £125,001 to £250,000.

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