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.
“It’s time we changed this badly-designed tax on aspiration,” Mr Osborne told MPs.
So how will these changes work?