Advisers welcome 'ingenious' stamp duty overhaul

Advisers have welcomed the Chancellor's overhaul of the taxation system around buying property, saying it is an "ingenious" idea that will benefit the majority of clients.

The changes, which were announced at this year's Autumn Statement involve the introduction of a tiered taxation system based on the value of a property. Advisers said many clients will benefit from the move, which could create a more buoyant housing market and also help first-time buyers onto the property ladder. The new system dictates that instead of paying 1% tax on a £250,000 home and 3% on one costing £250,001, buyers will now be levied according to a five tier system. No tax is payable on the first £125,000 of the purchase price; 2% on amounts up to £250,000; then 5% up to £9...