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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.

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