The Government is consulting on a new stamp duty surcharge for homebuyers who are not resident in the UK.

Ministers have said they recognise the domino effect caused by non-UK residents purchasing homes and driving house prices up for buyers in England and Northern Ireland.

According to figures from the Land Registry, nearly half of all foreign-owned properties are in London.

If approved, the surcharge of 1% will apply on top of all existing stamp duty rates for non-UK residents and certain UK-resident companies which are controlled by overseas shareholders.

It will apply to freehold and leasehold purchases of residential properties, including rates applicable to the rental element of leasehold properties.

Mel Stride, Financial Secretary to the Treasury, said:

"The UK is and will remain an open and dynamic economy [after Brexit], but some evidence shows that non-UK resident buyers of UK property could be inflating house prices.

"A 1% surcharge could help more people own their own homes in the future."

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