Foreign buyers will be forced to pay more for UK properties under changes to stamp duty.
The Government announced yesterday a 2 per cent surcharge for non-UK residents, saying it would come into effect in April next year. Budget documents said it would 'help to control house price inflation and support UK residents to get on to and move up the housing ladder'.
It is expected to raise £250 million in its first year, but the policy is then expected to cost the Government money for a couple of years before bringing in around £105 million annually from 2023/24.
Money raised will be used to pay for schemes aimed at reducing rough sleeping, the chancellor said.
The changes were proposed in the Conservative Party manifesto for December's election. However Peter Beckett, real estate tax partner at consultancy firm KPMG said: 'Whilst the commitment is to be applauded, the 2 per cent surcharge is not to take effect until April 1st, 2021 so the details are unlikely to have been finalised.'
Daily Mail 12/3/2020