2nd Property Stamp duty increase may also include overseas property

The recent changes to stamp duty which is increased by 3% for 2nd property may include an overseas property in the calculation

From April 2016 anyone who purchases a buy-to-let property or holiday home will incur an increase in stamp duty of 3%.

Chancellor of the Exchequer George Osborne announced these changes in November.

In deciding whether an individual is purchasing an additional home, the government will also consider assets outside the U.K., according to a consultation document published on Monday. This will apply to foreign investors but will also impact UK residents including those with holiday homes abroad.

1,000s of UK residents own villas and apartments abroad in popular destinations such as Spain, Portugal and Cyprus. If these homeowners sold their primary home in the UK to move to another UK property they could then be liable for the new 3% stamp duty tax.

Written by: houseladderwordpress