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.