Luxury Homebuyers Face Significant Stamp Duty Sales Tax Increase

December 3, 2014 2:27 PM

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Buyers of the U.K.’s most expensive homes face a jump in costs after Chancellor of the Exchequer George Osborne imposed changes to the stamp duty transaction tax.

Buyers of a 5 million-pound ($7.8-million) home will pay 513,750 pounds in stamp duty, almost 164,000 pounds more than previously under the current system, according to government data. The average house is valued at more than 6 million pounds in the London neighborhood of Mayfair and 4.6 million po...

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