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Non-resident property purchase surcharge set for 1%

Despite it getting no mention in Philip Hammond’s speech, the Budget 2018 documents reveal that the proposed surcharge on foreign property buyers is likely to be set at 1 per cent.

Early in October, when Theresa May revealed plans for a new tax on foreign buyers of UK property on the Andrew Marr programme, the surcharge was mooted at being between 1 per cent and 3 per cent.

However, the Budget document details that the government “will publish a consultation in January 2019 on a SDLT surcharge of 1 per cent for non-residents buying residential property in England and Northern Ireland.”

A YouGov poll conducted in late August described the UK as being largely in favour of banning non-residents buying property entirely. Of 3,659 adults asked, 60 per cent would be in favour, with only 17 per cent coming out against the idea.


Peter Izard: There will still be a market for foreign currency loans post-MCD

Before the MCD arrives in March, it’s worth getting your head around the regulations governing foreign currency mortgages As the deadline for the implementation of the EU Mortgage Credit Directive looms ever closer, it has become apparent to me that there is still a degree of misunderstanding about foreign currency mortgages. In days gone by, […]


Foreign buyers snap up £100bn of London property in 6 years

Investors have reportedly raided London for over £100bn worth of property using overseas companies in the past six years. Land registry data, obtained through a freedom of information request by Private Eye, shows 27,989 purchases of homes, buildings and land in London since 2008 involved companies based in tax havens. Two-thirds of these purchases were […]

Newcastle BS launches Lifetime Isa

Newcastle Building Society has launched a Lifetime Isa product today. First announced at the beginning of this month, Newcastle’s adoption of the government-backed initiative makes it just the third lender to offer the savings product, alongside Skipton and Nottingham Building Society. This launch comes soon after the government rejected calls to scrap the Lisa, as […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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