George Osborne unveils stamp duty overhaul in autumn statement

Chancellor says shakeup will cut tax for 98% of purchases while raising money from those buying most expensive homes

• Live coverage of the autumn statement 2014
• Autumn statement 2014: the key points

George Osborne has slashed the rate of stamp duty for lower-value house sales and raised it on those worth more than £1.5m in a bid to win over “aspirational” homeowning voters.

In the most eyecatching move of the autumn statement, Osborne said his shakeup would cut the rate of tax for 98% of house purchases, while raising money from those buying the most expensive homes. The move will cost the public purse £800m in total and represents a £4,500 cut in tax on the average priced home of £275,000.