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Budget 2012: £2m houses face 7% Stamp Duty

Homes worth more than £2m will face a new Stamp Duty rate of 7% after a compromise between the Coalition parties to deliver a quicker rise of the personal allowance to £10,000.

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Currently Stamp Duty kicks in at £125,000 and is charged at 1%, rising to 5% on properties worth over £1m. The Chancellor will announce the new rate during this afternoon’s Budget.

The £1.5bn raised from the duty will be used to fund an increase in the personal allowance. The personal allowance is due to rise to £8,105 in April and the Government is set to increase it to £9,205 in April 2013 and then £10,000 a year later.

The rise in Stamp Duty will mean that the minimum tax on a property worth more than £2m will rise from £100,000 to £140,000. Stamp Duty on a property worth £5m will rise from £250,000 to £350,000.

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