A new property tax is being considered for people buying property in parts of the UK who are non-UK residents as part of the government’s effort to help control the rise of house prices.
The Treasury has launched a consultation into proposals to add 1% onto the stamp duty paid when buying a home in England and Northern Ireland, payable by those who are not British residents
Mel Stride, Financial Secretary to the Treasury and Paymaster, said,
“The UK is and will remain an open and dynamic economy, 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, and its proceeds will go towards tackling rough sleeping, boosting our plan to halve the numbers of rough sleepers by 2022.”
The consultation will cover all aspects of the charge, including how non-residents will be defined and how it applies to companies.
The charge will apply to any person who is non-resident in the UK, including certain UK resident companies which are controlled by overseas shareholders.
