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Foreign buyer stamp duty watered down???


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I'm flabbergasted... in times where we need to re-coup as much tax as possible...this! I hope yahoo finance have got this wrong?

Another desperate attempt at a HPI prop?? Perfect timing for all those Hong Kong nationals?

https://uk.finance.yahoo.com/news/overseas-buyer-stamp-duty-surcharge-tax-050038648.html

"...The UK government has been accused of prioritising “wealthy foreign investors” over fixing Britain’s housing crisis after it watered down a new property tax on overseas buyers.

In little-noticed official documents published last week, the Treasury confirmed a planned stamp duty premium for non-resident buyers will be levied at a 2% rate.

But the Conservatives had promised a 3% ‘surcharge’ as recently as November to limit competition for domestic buyers in England and Northern Ireland."

https://www.gov.uk/government/consultations/stamp-duty-land-tax-non-uk-resident-surcharge-consultation

Edited by highcontrast
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Not great, but the 3% was a proposal and it looks like there was a compromise somewhere. 

Still, this new 2% is in addition to existing the 3% additional rate for second homes - which all the overseas buyers will have somewhere.

Having the principle of taxing overseas buyers more is a step in the right direction. Once it's there then it's easier to jack up a bit later to show 'we're helping again'. 

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19 minutes ago, sammersmith said:

Not great, but the 3% was a proposal and it looks like there was a compromise somewhere. 

Still, this new 2% is in addition to existing the 3% additional rate for second homes - which all the overseas buyers will have somewhere.

Having the principle of taxing overseas buyers more is a step in the right direction. Once it's there then it's easier to jack up a bit later to show 'we're helping again'. 

Sounds good. Plus, I'm not sure foreign buyers will be that keen on the densely populated UK in the wake of covid19 and our mismanagement of it.

Edited by Si1
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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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