CRW Accountants

The Mews, Queen Street
Colyton, Devon, EX24 6JU
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 01297 553286

Search News


New Stamp Duty surcharge announced

Source: HM Treasury | | 19/02/2019

A new consultation has been launched by HM Treasury together with HMRC seeking views on the design of a new 1% Stamp Duty Land Tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland. This move was first mooted in the Budget 2018. The consultation closes for comments on 6 May 2019.

The consultation document makes it clear that the new SDLT surcharge would apply to freehold and leasehold purchases of residential property and will be at a rate of 1% on top of existing SDLT rates, including the rates applicable to the rental element of leasehold property. The government has said that there is evidence that purchases of property by non-UK residents is pushing up house prices for UK residents. The measure is intended to help control house price inflation. It is hoped that this move will assist more UK residents with an opportunity to buy their first home.

Mel Stride, Financial Secretary to the Treasury and Paymaster General 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 government will also introduce reliefs from the new charge for crown employees working abroad and there will be a mechanism for non-residents who have paid the surcharge and move to the UK to claim a refund of the extra SDLT.

Latest News

  • OTS Business lifecycle review

    24/10/2018 - More...

    You may be aware the Chancellor asked the OTS to review the difficulties faced by small business and their advisers when interacting with the tax system, at the various pinch

  • Less is more – MTD regulations relaxed

    20/05/2019 - More...

    Starting from April 2019, most VAT-registered businesses that have a taxable turnover over £85,000 are required to keep their VAT records digitally and use Making Tax Digital

  • Claim for money owed to you

    20/05/2019 - More...

    If you are owed money by an individual or business, there is a procedure you can use called making a court claim. This was more commonly referred to as taking someone to a

 

 

           

Copyright © 2019 - CRW Accountants

designed by Zoe Adele Parsons MA

Cookie Policy