Richest U.K. Homebuyers See Tax Hike While Rest Get Break
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The U.K.’s wealthiest homebuyers face a jump in transaction tax while almost everyone else will pay less after Chancellor of the Exchequer George Osborne revamped a system that he says punishes low- and middle-income families.
The average U.K. homebuyer will save 4,500 pounds ($7,000) on a new home and 98 percent will pay less under a revised system of levies known as stamp duty, the chancellor said. Buyers of homes that cost more than 937,000 pounds will see their tax bill go up, “rising to more substantial sums for the most expensive homes,” he said. The changes go into effect at midnight.