Stamp duty surcharge for the oversea buyer

The Government is considering introducing a new stamp duty surcharge, which is designed to clamp down on overseas wealth being used to buy homes in England.

Ministers have expressed concerns that affluent foreign investors, particularly those buying properties in London, have been driving up house prices for domestic buyers.

Figures from the Land Registry showed that nearly half of all foreign-owned properties in England and Northern Ireland, where stamp duty applies, are in London.

This has resulted in thousands of people fleeing the capital to purchase homes in places like Scotland, Birmingham and Bristol, where their money goes considerably further. (more…)