Dudley Building Society is imploring professionals who advise expats and overseas investors in the UK property market to remind them of the 2% stamp duty surcharge which comes into force on 1 April 2021.
Those who fail to complete their property purchases before 31 March 2021 will face higher stamp duty levies than those who reside in the UK. The Building Society are sending out the reminder, after the announcement was made by the Chancellor Rishi Sunak when he announced the budget.
Sam Ward, Commercial Director at Dudley Building Society, said:
“With all the other news surrounding Covid-19, it would be easy to forget that the 2020 Budget also stated that the 3% levy on second homes will also apply to expat purchases after 31st March, so that overall, completing from April 1st, expats will be paying 5% more than the standards rates. A double blow.
“The property market is booming at present and expats are keen to maintain and establish a property foothold, even if they do not intend to live in the UK at present. Advisers whose expat customers complete before 31st March benefit from the postponement of the standard rate of stamp duty in the same way as everyone else, but now is the time to act before what could be up to an extra 5% levy is introduced in April.”
