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.”
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