'Zero likelihood' tax rise for overseas buyers will be scrapped
A tax expert says that there is 'zero likelihood' of the government changing its mind on stamp duty changes for overseas buyers coming into force next year.
From April 1 2021, overseas purchasers will have to pay a 2% surcharge on residential transactions in a bid to level the playing field between domestic and foreign buyers.
There has been speculation that due to the twin uncertainties of Brexit and the Covid-19 pandemic, the government could change its mind about introducing the additional tax.
However, speaking to Knight Frank, Sean Randall, partner at Blick Rothenberg and chair of the Stamp Taxes Practitioners Group, which has been consulting with the government in recent weeks on the overseas surcharge, says any change from the government is at this stage unlikely.
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Source: Estate Agent Today
