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US News Tories plan stamp duty hike for foreign buyers of properties in the UK

06:20  22 november  2019
06:20  22 november  2019 Source:   news.sky.com

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Image caption The new Tory policy would mainly affect the London property market. Foreigners buying properties in England will be forced to pay 3% more in stamp duty than UK residents, if the Conservatives win the general The government was already planning a 1% hike for foreign buyers .

Stamp duty in the United Kingdom is a form of tax charged on legal instruments (written documents), and historically required a physical stamp to be attached to or impressed upon the document in question. The more modern versions of the tax no longer require a physical stamp .

a close up of a sign: The Tories estimate the surcharge will apply to around 70,000 property purchases per year © PA The Tories estimate the surcharge will apply to around 70,000 property purchases per year Foreign individuals and companies who buy properties in the UK will be forced to pay higher levels of stamp duty under Conservative proposals.

The Tories say the surcharge on people who are not tax resident in the UK will help more Britons get on the housing ladder, as well as fund efforts to tackle rough sleeping.

Estimates suggest the measure, which would be enforced if the Tories win a majority in next month's election, would raise up to £120m a year.

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You pay Stamp Duty Land Tax (SDLT) when you buy houses, flats and other land and buildings over a certain price in the UK . The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties .

The Tories will hike stamp duty rates by an extra three per cent for all purchasers of residential property who aren’t taxpayers in the UK . It would be used in London the most, where almost one in seven properties sold between 2014 and 2016 went to overseas buyers .


Elsewhere in the general election campaign:

  • The Liberal Democrats are saying they will commit to building 300,000 new homes a year - including 100,000 social homes that would be available to rent
  • Labour's Jeremy Corbyn is urging people to register to vote ahead of Tuesday's deadline, as figures suggest more than nine million eligible Britons are yet to do so
  • The SNP is demanding the devolution of Network Rail in order to give the government full control over the railways in Scotland

At present, foreign individuals and companies can buy homes as easily as UK residents, but under the Conservatives' plans, they would face a 3% surcharge on top of the stamp duty already payable.

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Foreign buyers are set to be charged a higher stamp duty rate when they buy property in the UK – with the extra cash used to help the homeless He accused big construction firms of keeping property prices high by snapping up land but not using it, and urged Mrs May to abandon quotas on affordable

London Property Prices. Boris Johnson’s Conservatives will introduce a land tax surcharge for foreign buyers of U . K . homes in an effort to damp demand, keep a lid The 3% surcharge -- on top of the existing land tax known as stamp duty -- will raise as much as 120 million pounds (5 million) a

It is believed that the policy would affect approximately 70,000 property purchases per year.

British Prime Minister Boris Johnson leaves his hotel, Tuesday, Sept. 24, 2019, in New York. (AP Photo/Mark Lennihan) © ASSOCIATED PRESS British Prime Minister Boris Johnson leaves his hotel, Tuesday, Sept. 24, 2019, in New York. (AP Photo/Mark Lennihan) Chief Secretary to the Treasury Rishi Sunak said: "Evidence shows that by adding significant amounts of demand to limited housing supply, purchases by non-residents inflate house prices.

"Britain will always be open to people coming to live, work, and build a life in this great country. The steps we are taking will ensure that more people have the opportunity of a great place to live and build a family."

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An estimated 4,667 people were sleeping rough across England in autumn 2018, according to government statistics.

This represented a 2% fall from autumn 2017 - the first time the number of people sleeping rough has fallen year-on-year since comparable records began in 2010.

Over that period, rough sleeping has increased by almost 165%.

However, despite the improvement in overall figures for England from last year, regional figures revealed a worsening situation in some areas of the country.

The Conservatives claimed UK property is often bought by wealthy foreign individuals or companies and kept as investments or rented out at inflated prices.

They cited a recent study that showed 13% of new London homes were bought by non-residents between 2014 and 2016.


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