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."

We can advise on financial planning.

Williams Financial Planning Limited logo

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

 

By submitting your details you agree to receive email marketing from Williams Financial Planning and have read and understood our Privacy Notice. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.

You have Successfully Subscribed!