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The Treasury and HMRC are consulting on the introduction of a stamp duty land tax surcharge on non-UK residents including companies trusts and partnerships who buy residential properties in England and Northern Ireland.
It will apply to freehold and leasehold purchases and will be at a rate of 1% on top of current rates including those applicable to the rental element of leasehold property. The measure is intended to control house price inflation.
In designing the surcharge the government states it has followed two guiding principles:
- the surcharge will apply on top of existing SDLT rates and as far as possible rely on rules found elsewhere in SDLT and the wider tax system; and
- in recognition that not all those who interact with SDLT are tax professionals the surcharge for individuals will use rules that are as simple as possible to understand and use.
Reliefs from and refunds of...
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