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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
Friday, December 5, 2014 - 05:50
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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.

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