George Osborne reveals 98% of homebuyers to benefit from stamp duty cut

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George Osborne has promised relief for the majority of new homebuyers in his Autumn Statement. In his speech, delivered to the Commons today, the chancellor announced a big overhaul of stamp duty rates for affordable houses while simultaneously raising it on houses which would be classed as "mansions".

The move is seen as an attempt to kick-start the housing market back into life and allow families hoping to buy a home the chance to get more affordable housing. Houses costing under £125,000 would see a rate of 0% stamp duty applied with houses between £125,000 and £250,000 attracting a 5% rate. Homes costing between £250,000 and £925,000 come with a 10% rate and all homes over that price will see a stamp duty rate of 12% applied to the property.

The Autumn Statement, which is essentially the pre-budget report, also threw up some interesting plans including a 2 billion injection into healthcare, a higher rate tax income threshold rising to £42,385, and a 25% diverted profits tax aimed at tax dodging multinational companies. It was far from a giveaway plan though and Osborne made no apologies for an overall tightening of the pursestrings saying "I do not hide from the house there will have to be very substantial savings in public spending."

Opposition have called the measures outlined by chancellor electioneering in preparation for a possible General Election in 2015 for the 56th Parliament of the United Kingdom. However, Osborne defended his plans saying that the government had inherited an economy which was "on the brink" but through the hard graft of the government "The deficit is falling this year and every year".

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