HM Revenue and Customs
New stamp duty land tax surcharge for non-UK resident homebuyers to be introduced
- Also published by:
- HM Treasury
Proceeds of the new surcharge would be put towards measures to tackle rough sleeping.
A new surcharge levied on non-UK resident home buyers is being considered as part of the government’s effort to help control the rise of house prices. Proceeds of the new surcharge would be put towards measures to tackle rough sleeping. The government has committed to ending rough sleeping by 2027.
The Stamp Duty Land Tax: non-UK resident surcharge consultation will look at how a new 1% increase to stamp duty costs for non-UK residents buying residential property in England and Northern Ireland would work. This follows a commitment made by the Prime Minister and a subsequent announcement of the proposed rate at Budget 2018.
Mel Stride, Financial Secretary to the Treasury and Paymaster General yesterday 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 consultation will cover all aspects of the charge, including how non-residents will be defined and how it applies to companies. Further details will be published after the consultation has concluded on how much the charge is expected to raise.
The charge will apply to any person who is non-resident in the UK, including certain UK-resident companies which are controlled by overseas shareholders. However, crown employees working abroad – such as military service personnel – will not have to pay the surcharge at all whilst those who buy a residential property and then move to the UK will be eligible for a refund of their extra payment.
Latest News from
HM Revenue and Customs
HMRC highlights a decade of bizarre excuses and expense claims20/01/2020 11:25:00
With 2 weeks to go until the 31 January Self Assessment deadline, HMRC recaps the strangest and most imaginative excuses and expense claims received over the past 10 years.
Clock is ticking for waste criminals as new taskforce launched17/01/2020 11:24:00
A new unit will bring together law enforcement agencies and UK environmental regulators to target waste criminals.
'Get quacking' – with less than a month to go03/01/2020 13:20:00
HMRC is urging Self Assessment customers to complete their Self Assessment tax return before the 31 January 2020 deadline.
Busted! HMRC reveals biggest criminal cases of year 201903/01/2020 09:10:00
This year’s list once again shows the lengths some people will go to steal money destined to support important public services.
‘We've been Santa lot of Elf Assessments’ says HMRC27/12/2019 12:05:00
HMRC reveals Self Assessment filing figures over the festive period.
HMRC tips on avoiding Self Assessment tax scams20/11/2019 12:20:00
HMRC is giving information to customers to help them avoid scams ahead of the Self Assessment deadline.
HMRC appoints interim Chief Digital and Information Officer04/11/2019 11:37:00
Mark Denney has been appointed as interim Chief Digital and Information Officer at HM Revenue and Customs.
Get your ducks in a row, with 100 days to go24/10/2019 09:20:00
HMRC is urging people to get their Self Assessment return early with 100 days to go until the deadline.