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Properties Articles

Stamp Duty Tax Increase For Overseas Buyers

From the 1st of April, an extra 2% stamp duty tax will be payable by non-UK residents, as stipulated in Chancellor Rishi Sunak’s most recent budget. This tax will be in addition to the existing stamp duty as well as the 3% levy on buy-to-let or second homes.
Residential status of buyers will be based on if you have spent at least 183 days in the UK the year before purchase. Unfortunately, due to the recent travel bans some may be forced into this category when they would not have been otherwise. However, buyers may be offered a refund should they remain in the country for 183 days the year after completion.

The Tory campaign had promised this action; although originally suggesting a 3% tax would be brought in. Chancellor Sunak’s aim is to utilise the tax for £650m worth of funding to end rough sleeping, offering 6,000 permanent accommodations to those in need. It is also an attempt to control housing inflation and in turn support residents getting on the property ladder.

Property owned by overseas buyers, particularly in London, has been seen to be left empty after purchase when utilised as a holiday home or part-time accommodation.

Between Brexit & travel restrictions, UK property market has seen a decline in overseas investors. It is likely that the extra stamp duty tax will further as a deterrent to non-UK buyers.