.png)
.png)
Paying extra
Key points
- HMRC is consulting on stamp duty land tax surcharge for non-residents.
- The proposal is to introduce a 1% surcharge on residential property.
- The surcharge will apply to residential property in England and Northern Ireland.
- A different definition of UK residence will apply.
- A refund can be claimed by purchasers who become UK resident.
- Administration will as far as possible mirror the existing SDLT regime.
On 11 February a little later than planned HMRC released a 32-page consultation document Stamp Duty Land Tax: non-UK resident surcharge which followed the announcement in Budget 2018 (tinyurl.com/HMRC-05297).
The basic proposal is for the introduction of a 1% surcharge on residential property purchases in England and Northern Ireland by non-UK residents thus excluding non-residential or mixed use properties. Wales and Scotland have their own land transaction tax and land and buildings transaction tax respectively.
The introduction to the consultation says:
‘The government...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
