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Paying extra
Key points
- HMRC is consulting on stamp duty land tax surcharge for non-residents.
- The proposal is to introduce a 1% surcharge on residential property.
- The surcharge will apply to residential property in England and Northern Ireland.
- A different definition of UK residence will apply.
- A refund can be claimed by purchasers who become UK resident.
- Administration will as far as possible mirror the existing SDLT regime.
On 11 February a little later than planned HMRC released a 32-page consultation document Stamp Duty Land Tax: non-UK resident surcharge which followed the announcement in Budget 2018 (tinyurl.com/HMRC-05297).
The basic proposal is for the introduction of a 1% surcharge on residential property purchases in England and Northern Ireland by non-UK residents thus excluding non-residential or mixed use properties. Wales and Scotland have their own land transaction tax and land and buildings transaction tax respectively.
The introduction to the consultation says:
‘The government...
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