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.