Press release

Stamp Duty sting to overseas property buyers – additional £10k to average London sale

11 March 2020

Commenting on the Chancellor’s announcement on additional stamp duty land tax on a property sold to non-UK resident in today’s Budget, Jonathan Evans, director in real estate tax at Deloitte, commented:

“The Chancellor favoured UK home buyers today with no general increases in stamp duty. However, overseas buyers will have to pay around £10,000 more on average in taxes for London purchases as a result of changes announced in the Budget. The Government pledged that the additional tax raised will go towards addressing rough sleeping in the UK.

“A higher rate of stamp duty for those buying property who are not UK tax residents will be introduced for purchases after April 2021. It will be charged on top of the 3% additional rate payable for second home or investment property purchases and will be charged at 2%.

“This means the total stamp duty tax paid by an international buyer on the average value of a London residential property (£483,922) would increase from £28,713 to £38,391.”



Note to editors

Follow us on Twitter: 

@DeloitteUK for live comment;

@DanielFLyons1 for Daniel Lyons, Head of Tax Policy; and

@IanStewartEcon for Ian Stewart, chief economist

Deloitte spokespeople

Experts from Deloitte are available now and on the day of the Budget for comment. On Wednesday 11 March, please call the Deloitte Media hotline on 020 7007 3333, where you will be directly connected to one of our spokespeople.

About Deloitte

Deloitte LLP is the United Kingdom affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see About Deloitte to learn more about our global network of member firms.