Overseas investors to pay extra Stamp Duty on UK property purchases

first_imgTheresa May has announced that overseas buyers and companies not tax resident in the UK will face an increased Stamp Duty bill when buying property in the UK.The measure will affect London most heavily. Within the capital a third of homes are sold to foreigners and almost half in prime central London according to Hamptons, while those looking for homes near London’s top private schools alone have snapped up 2,162 properties worth £2 billion over the past 12 months, according to research by  Knight Frank.The Prime Minister’s announcement was her key reveal on the first day of the Conservative Party conference at Birmingham’s NEC yesterday which she said would raise an additional £120 million in revenue.She also claimed that the current arrangement where those who don’t live in the UK can buy property without living here or paying tax other than Stamp Duty and capital gains tax, was driving up house prices and making homes less affordable for ordinary people.“Britain will always be open to people coming here to live, work and build a life,” she says.“Our plan for more homes will help them have the opportunity of a great place to live and raise a family.”No details of how much extra Stamp Duty foreign individuals and companies will pay has been revealed, but it’s not good news for the dozens of estate agents and developers who market UK property directly at overseas investors and high net worth individuals in countries such as China, Singapore and Dubai.The Prime Minister’s statement is part of a regulation and tax noose that has been tightening for some time.In January it was announced that a national register of foreign companies which own or buy property in the UK was to be kept, while three years ago the law was changed to prevent non-domiciled residents in the UK avoiding paying tax on UK homes by holding them via offshore companies, including inheritance tax.Prime Minister stamp duty Conservative Converence 2018 Theresa May October 1, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Overseas investors to pay extra Stamp Duty on UK property purchases previous nextHousing MarketOverseas investors to pay extra Stamp Duty on UK property purchasesAnnouncement by Prime Minister yesterday at Conservative Conference is thin on details but 1-3% extra duty will affect sales estimated at £2 billion a year.Nigel Lewis1st October 201803,528 Viewslast_img read more

Fire Pit Ordinance passes at City Council meeting

first_imgGreensburg, IN—During Monday evening’s Greensburg City Council meeting, the Council approved the ordinance that will allow fire pits in the city limits but with several restrictions. This is meant for fire pits that can be purchased or homemade pits that are made out of masonry blocks and can be no larger than 3 feet in diameter and 2 feet in depth. There are also restrictions listed for gas-starter fire pits.Mayor Josh Marsh reminds residents that fires aren’t meant to be a nuisance to your neighbors. No brush fires, trash burning, tires, or other types of cleanup fires. This ordinance is intended for use of firewood and starters for a small backyard fire.last_img read more