The main news from the Autumn Statement are the changes on STAMP Duty.
To summarise, no tax will be paid on the first £125,000 of a property, followed by 2% on the next £125,000 up to £250,000, 5% on the portion between £250,000 and £925,000, 10% on the next chunk up to £1.5 million and then 12% on everything over that.
So the current system, in which the amount jumps at each threshold level, is to be replaced by a graduated rate.
Effectively, if you are buying up to just over £900,000 you are going to be better off. Above that will be more expensive.
Other news in brief:
Higher rate income tax threshold to rise to £42,385 next year. To move more people out of the 40% tax band.
Theatre tax break extended to orchestras and new tax credit for children’s TV producers
A £78m theatre & Arts venue is to be built on the former site of Granada’s TV studios in Manchester.
Britain awarded the lead role in the international effort to explore Mars!