Higher rate of SDLT for non-resident buyers

KEY POINTS

• Foreign buyers of UK residential property will be subject to a higher stamp duty rate.
• The revenue will support the government’s rough sleeping strategy.
• The announcement raises questions on liability properties and the persons chargeable.
• The rules on the taxation of UK property are already complex and are likely to become even more so.
• It seems that foreign ownership of UK property is already reducing so is the proposal necessary?

Under pressure to respond to Labour’s housing agenda Prime Minister Theresa May told the Conservative Party conference: ‘Foreign buyers looking to snap up homes in the UK will face a higher stamp duty rate.’ Her announcement stated that the additional revenue would support schemes in the government’s rough sleeping strategy.

The announcement was somewhat vague on...