Chancellor of the Exchequer, George Osborne, in delivering the 2014 Autumn Statement to the House of Commons, confirmed that the stamp duty residential slab system will be abolished as from midnight today. The new rates will be: 0% on the first £125,000, 2% on the share above that up to £250,000; then 5% on the next slice up to £925,000; then 10% on the next slice up to £1.5m; then 12% on everything above that.