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

Revamped system replaces stamp duty organised in rigid brackets in favour of increases like income tax

The higher taxes will affect London particularly because it has the most homes costing more than £1.5 million. Buyers of a £5 million home will pay almost £164,000 more under the revised tax system.


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

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