It has become known as the biggest reform since Gordon Brown last changed the stamp duty levels. George Osborne has released his plan to abolish the old-style stamp duty system, revealing that home buyers paying less than £937,000 for their new property will actually save money under the new scheme.

The Autumn Statement saw an overhaul of the system, which previously meant that buyers were charged a percentage of the entire purchase price. This caused scenarios that saw payments leap from £2500 to £7500 when the property price tipped over £250,000.

The new scheme means that stamp duty is levied on a more progressive scale, a bit like the calculation of income tax, leading George Osborne to claim that 98% of people will save money and pay less tax.

Those who will reap the biggest savings are home buyers purchasing properties valued between £250,000 and £925,000. Previously charged either 3% or 4%, the stamp duty has dropped to a flat 2% on the entire price band, meaning a previous bill of £8250 will now only be for £3750.

Those buying at over £1,000,000 will now pay either 10% or 12%, as opposed to 5% or 7% under the old rules, so will in fact be worse off.

In part of the interview process, as a mortgage professional you would talk through the associated costs involved during the house-buying process. Having gained accreditation after completing your CeMAP training, you will be best placed to provide your customers with all of the information they need to consider.

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