Foreign property buyers will have to pay more stamp duty under plans announced by Prime Minister Theresa May.
The government could place a surcharge of 1% or 3% on top of stamp duty, with the extra money raised being spent on tackling rough sleeping.
May said: “For too many the dream of home ownership is too distant and the indignity of rough sleeping remains all too real.
“We’re committed to helping British residents get the right home for them. This higher stamp duty for non-residents will help to end rough sleeping for good.”
However buying agent and property agent Henry Pryor wasn’t impressed.
He said on Twitter: “Foreign buyers now face 6% additional Stamp Duty on top of the rate paid by domestic purchasers.
“If they are buying via a company then they will pay ATED [Annual Tax on Enveloped Dwellings] ever year on top of this.
“Good politics? Perhaps. Sound policy? I doubt it.”
Ref https://www.mortgageintroducer.com/foreign-property-investors-face-stamp-duty-surcharge/
0 Comments