2% stamp duty surcharge introduced for non-UK tax residents

The Chancellor, Rishi Sunak, recently revealed his first Budget plans which include a 2% stamp duty surcharge on non-UK tax residents and applies to companies, individuals and expats wanting to move back home. The aim of the surcharge is to assist domestic buyers to purchase homes that might otherwise go to wealthy individuals or overseas companies.

Lara Mardell, Legal Director in BDB Pitmans’ private wealth team, comments on this development in Property Investor Today:

‘The definition of “non-resident” used (in the prior consultation on the subject) was much wider than the usual statutory definition of this term, and many people who are currently taxed as UK residents will be subject to the “non-resident” rate of SDLT. This is likely to cause confusion and add complexity to a tax system which is already extremely complicated. It also goes against the fiscal grain of having similar policies for residents and non-residents alike.’

The full article is available here.