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Budget 2012 - Stamp Duty land tax rate

The government has introduced a lighter version of the proposed 'mansion tax' that will introduce a higher rate of stamp duty on properties over £2 million.

Prior to yesterday's budget stamp duty was capped at 5% for properties over £1 million, with rates starting at 3 per cent for properties sold between £250,000 and £500,000.

The new hike includes a top rate of 7 per cent for properties over £2 million.

Further information from taxguide.co.uk on stamp duty is available here.

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