Government announces stamp duty surcharge for overseas buyers of UK property
The government recently announced that it intends to introduce a new stamp duty surcharge of 1% to 3% for foreign buyers of UK property.
Prime Minister Theresa May announced the new surcharge during the Conservative party conference.
The surcharge forms part of the Prime Minister’s plans to tackle the housing crisis and the issue of homelessness in the UK, alongside the ‘inequalities’ associated with home ownership.
Commenting on the surcharge, the Prime Minister said: ‘For too many people, the dream of home ownership has become all too distant, and the indignity of rough sleeping remains all too real. This government is committed to helping hardworking British residents get the right home for them, and helping to end the scourge of rough sleeping for good.’
However, the plans have been met with criticism. Guy Bradshaw, Director of Central London Sales and Lettings at UK Sotheby’s International Realty, said: ‘The announcement of a foreign buyer tax is disappointing and very badly timed. Post-Brexit Britain should be open to the world and this simply sends exactly the opposite message.’