The Chancellor, Rishi Sunak, announced the latest budget and it’s interesting how this affects the property industry, homeowners and investors. For example, one of the more standout points is the 2 per cent surcharge on residential properties bought by people who don’t live in the UK in the 2020 Budget.
What does the budget mean for homebuyers?
The surcharge for overseas residents is in addition to the typical stamp duty fees owed when buying a property, and on top of the 3 per cent surcharge if they already own a home. It could mean an overseas buyer pays tax of up to 17 per cent on any value above £1.5m.
For more information, let us know if you would like us to speak with our partner accountants.