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Stamp Duty changes for non-UK residents.
 
From the 1st April 2021 there shall be new rates of stamp duty for non-UK residents. This applies to residential property in England and Northern Ireland. The new changes introduce a new rate of tax for purchasers who are non-UK residents, as well as companies that are non-resident.
 
These changes will apply to all types of residential purchases whether it is freehold, leasehold or rents when a new lease is granted.
 
The stamp duty will see a 2% increase for non-UK residents on top of the current percentage payable. The 2% increase will also be added to the current 3% higher rate that is payable if a property is owned in another country.
 
The new rules do provide for a refund of the additional charge to buyers who subsequently become a UK resident within 2 years of purchasing the property.
 
If you are going to be affected by the changes then you can use the Government Stamp Duty Land Tax Calculator to assess your liability.
 
12.03.2021
Alyciette Edwards
Solicitor