Budget 2012: Stamp duty rise on properties over £2m

The Chancellor George Osborne has announced a new stamp duty land tax rate of 7% on properties worth more than £2 million.

People who bought expensive homes using offshore companies would also face a new 15% stamp duty charge.

Mr Osborne called the way some people avoid stamp duty as a "major source of abuse" and he said he was now taking action.

Budget 2012: Full coverage