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Property, 'foreigners' stamp-duty surcharge to hit UK expats!

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DiamondEcho
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Property, 'foreigners' stamp-duty surcharge to hit UK expats!

#171109

Postby DiamondEcho » October 3rd, 2018, 3:02 pm

This has just crossed my radar, and looks like one of 'not thought through' government plans...
Excerpts:

'The Government’s plan to increase stamp duty for overseas buyers could impact British expats and deter much-needed investment, according to tax and housing experts.
Theresa May announced plans this week to add a new stamp duty levy of up to 3pc on people and firms buying property in this country but not paying tax. ...
But the move could punish British expats looking to buy a home to move back to, according to Philip Munro of Withers, a law firm.
Mr Munro said: “British expats are one of the groups potentially adversely affected by this measure, if it is implemented. UK expats are, by definition, non-UK resident, but will often consider the purchase of a property to live in on their return to the UK.”...

https://www.telegraph.co.uk/tax/news/co ... duty-plan/

onslow
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Re: Property, 'foreigners' stamp-duty surcharge to hit UK expats!

#172201

Postby onslow » October 8th, 2018, 7:15 am

Usual rent seeking from various interests.

Numerous countries have higher levels of transfer tax/stamp duty for non residents. Deters overseas buying to an extent.Australia is a good example - the money rasied helps fund public services and at the same time reduces demand for housing. If you are an Australian citixen - regardless of where you live- you are not caught up by these rules so expats are not impacted.

UKs property problems are greater than just this, however this cant hurt.


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