Stamp duty on home purchases is to be reformed from midnight on Wednesday, along the lines of the system due to be introduced in Scotland, the chancellor has announced.
George Osborne said 98% of homeowners in England and Wales would pay less after the changes than they do under the current system.
Only people who buy homes worth more than £937,000 will pay more in tax.
George Osborne resisted the temptation to increase the inheritance tax (IHT) threshold, as many had hoped he would in the run up to his autumn statement. Instead, he said he would exempt emergency workers, and humanitarian aid workers from future IHT bills if they are killed in active service.
In October David Cameron said he believed the “hated death duty”, as it has been dubbed by the Daily Mail, should be paid by only the very wealthy, leading some to suggest he would raise the threshold from its current rate of £325,000. The Conservatives proposed raising the threshold to £1m before the 2010 election. The threshold has not been increased since 2009.
Millions of Isa savers were given a surprise boost after the chancellor abolished the “death tax” on the popular accounts.
Isas can now be passed on to a spouse tax-free, George Osborne said in the autumn statement. Previously the Isa tax “wrapper” passed away with its owner, and the money that had been sheltered became liable for income and capital gains tax.
George Osborne has said stamp duty will be cut for 98% of homebuyers in his Autumn Statement to the Commons.
The chancellor said that from midnight the current system, where the amount owed jumps at certain price levels, would be replaced by a graduated rate, working in a similar way to income tax.
The concept of a "mansion tax" has emerged again - this time at the political party conferences.
Labour leader Ed Miliband said that owners of properties worth more than £2m would face an annual charge.
Stamp duty revenues are approaching the record high recorded in 2007, according to figures released on Thursday from Nationwide, Britain's biggest building society.
Its house price index recorded a sharp increase in stamp duty revenues, totalling £10.2bn in the year to June.
We take a look at how the property industry has reacted to todays budget announcement.
Simon Crone, Vice President – Mortgage Insurance Europe for Genworth, thinks that today’s Budget has still left vital questions about Help to Buy unanswered, with no clarity over the future for high loan to value (LTV) mortgage lending after 31 December 2016.
"The mortgage guarantee [Help to Buy 2] remains a temporary fix to a long-term problem of credit supply to first time buyers...
The Annual Investment Allowance will double to £500,000 from next month.
In a surprise move the Chancellor’s 2014 Budget offers businesses the chance to spend up to this limit on plant and equipment from April and claim 100% of the expenditure in the year it is incurred.
Chancellor George Osborne has set out seven issues of relevance to the housing industry in his Budget delivered this afternoon.
Key points of Budget 2014: At-a-glance
Here are the key points of Chancellor George Osborne's Budget.
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