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TODAY'S OTHER NEWS

New stamp duty surcharge to be imposed on foreign buyers

The government has used this week’s Conservative party conference to announce a new stamp duty tax of one per cent to three per cent on foreign buyers of property in the UK.

The party has leaked the news to selected journalists this morning.

The Tories claim that research from York University shows 13 per cent of new London homes were bought by non-residents between 2014 and 2016. 

A separate study by King’s College London apparently estimates a one percentage point increase in the volume of homes being sold to overseas companies put up house prices by 2.1 per cent.

The Sunday Times and The Observer say the new tax will take the form of higher stamp duty - exact details will be the subject of a formal consultation.

“At Conservative conference last year, I said I would dedicate my premiership to restoring the British dream, that life should be better for each new generation, and that means fixing our broken housing market. Britain will always be open to people who want to live, work and build a life here” Theresa May says.

“However, it cannot be right that it is as easy for individuals who don’t live in the UK, as well as foreign-based companies, to buy homes as hardworking British residents” she continues.

“For too many people the dream of home ownership has become all too distant and the indignity of rough sleeping remains all too real. This government is committed to helping hardworking British residents get the right home for them and helping to end the scourge of rough sleeping for good.”

  • Simon Shinerock

    Idiotic hyper pc Trumpian vote pandering. I hate the expression ‘Hard Working Families’ but now families have been replaced with residents, mustn’t offend anyone. What next, I guess it’s only a matter of time before May adopts the slogan Britain First and gets a comb over. BTW, will there be a hard working test and will lazy residents pay double? I’m sure there will be a que of hard working residents outside One Blackfriars this morning

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    So this is going to reduce house prices so much, that the homeless can now afford to get onto the ladder?

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    Cheap shot from my MP. His PPE at Uni instilled a weird left wing Conservative dose of something.

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    so the extra few grand will deter the oligarchs and the like?

  • James Hurst

    The £ has fallen by 10% already and will probably fall more. An extra 3% must have foreign buyers running for the hills.

  • David Clark

    All based on 3-year-old research?? Mrs May's statement is very patronising, to say the least, and the impact on the ability of the UK homebuyer to buy (hard working or otherwise) will be negligible. Nothing to do with the lofty claims, it's revenue raising by whatever means possible. If they could tax the air you breathe they would.

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    Referring to Davids article above...after having paid income tax now for over 40yrs....I've had enough ! Done my bit etc etc. My wife and I now extract £40,000 (Chancellor may reduce this soon of course) each and put it into our Sipps (£80,000 x 20% corporation tax saving saves £16,000 corporation tax instantly ) and we take income up to our own personal allowances, roughly £23500 in total.....so its still quite possible to "earn" over £100,000 per annum without paying a penny in tax .
    At our age we don't need much "income" as such but of course its also topped up with tax free income from Isa's if required.
    Before anyone starts complaining about "money for schools /hospitals" etc ...its ok...if you copy the above they'll (the state) will get you for capital gains tax, value added tax, inheritance tax, tax on petrol, drink, cigarettes, car tax, council tax, insurance tax, air passenger tax, tax in retirement on any income over your threshold.........you get the picture?
    So you see ladies and gentlemen, you get to the stage where you just HAVE to fight back as best you can........otherwise why bother getting out of bed in the morning.....because you're paying for the "residents" that don't
    Have a good weekend all......

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    Errrr .... what?

     
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    This measure is long overdue. It will only bring the UK into line with Australia, Canada, Singapore, Switzerland and whole host of other countries. It is could to see that the majority of people criticising it are saying it doesn't go far enough! Of course there are a few central London estate agents who will be well put out. But if your business revolves around facilitating money laundering and pricing normal working Brits out of their own capital then you probably need to be looking for alterative employment now anyway. Because whether it is May or Corbyn, the swamp is slowly going to be drained now.

  • David Clark

    If it’s about money laundering etc thats absolutely correct but don’t ‘dress it up’ as being for the benefit of UK homebuyers.

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    James Walsh, what do you do for a living? Corbyn troll? Every comment you make is so anti anyone in the property game. Those from another country may now just buy in another European city instead of bringing their money to the UK. The Conservatives should not compete with the communism of Corbyn. Higher taxation just takes away the incentive to work and stifles enterprise and business.

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