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23 November, 2019 00:00 00 AM
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UK Tories plan property tax hike for foreign buyers

Our Correspondent

Britain’s Conservatives said yesterday they will make foreign individuals and companies pay more tax on residential property purchases if they win next month’s election.

Prime Minister Boris Johnson’s party said it would levy an additional three per cent surcharge on the country’s stamp duty land tax for buyers who are not tax residents in Britain.

UK residents and foreign buyers currently pay the same level of stamp duty, which is applied at various rates that rise with the value of the transaction.

There has been sustained critism of the level of foreign ownership of properties in Britain, primarily in London, despite drops since the 2016 Brexit referendum amid ongoing eco17nomic uncertainty.

There are no official statistics on the sales of residential property to overseas buyers, but studies show they have accounted for as much as a third of purchases in parts of central London in recent years.

Meanwhile, a 2017 York University report showed that 13 per cent of new homes across the capital were bought by non-residents in 2014-16. Analysts and political parties agree this inflates house prices and makes it harder for people to get a foothold on Britain’s notoriously expensive property ladder.

The Conservatives estimate the stamp duty surcharge will raise up to £120 million ($155 million, 140 million euros) a year, which they say will help fund programmes to tackle rough sleeping.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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