As originally announced in the 2018 Budget, HMRC and HM Treasury have now published a consultation on the introduction of a 1 per cent Stamp Duty Land Tax (SDLT) surcharge on non-residents purchasing residential property in England and Northern Ireland.
The surcharge is intended to apply to freehold and leasehold purchases at a rate of 1 per cent on top of existing SDLT rates, so this will raise the top rate of SDLT to 16 per cent.
The new charge is intended to apply to any non-resident person ( individual or corporate) and to UK resident close companies controlled by non-UK resident shareholders. Certain partnerships and trusts will also be in its scope. Responses are due by 6 May 2019.
If you have any concerns or queries relating to this matter, please contact Robert Drysdale or a member of our Wealth Planning team.
