Richest UK homebuyers to face big tax rise; others to get relief

London

BRITAIN'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 UK homebuyer will save £4,500 (S$9,270) on a new home and 98 per cent will pay less under a revised system of levies known as stamp duty, the chancellor said.