Follow up on Stamp Duty Following Budget

Sharon Livermore follows up on Stamp Duty following the budget

After much anticipation, the only changes to stamp duty in yesterday’s budget was an additional two per cent stamp duty when non-UK residents buy a property in the UK from April 2021.

This would be in addition to the 3% surcharge if they already own a property.

Up to now, non resident buyers have been subject to the same stamp duty rules as buyers living in the UK.

The new charge is expected to affect 70,000 of the UK’s total 1.2 million annual property transactions.

For example, 13% of homes in London were bought by non-UK residents between 2014 and 2016.

How Kerseys Can Help

If you require advice about Stamp Duty, buying or selling a property or conveyancing please call Sharon Livermore, Conveyancing Executive, part of our Residential Property Team.