What are the pitfalls for non-resident UK property buyers? Robert Barham answers the Financial Times reader's question
Residential Property Partner, Robert Barham, answers a reader's question in the Financial Times' article entitled "What are the pitfalls for non-resident UK property buyers?".
In his response, Robert highlights that the government has tightened some of the tax advantages previously enjoyed by international buyers. Noting, that there is a 2 per cent SDLT surcharge payable for overseas buyers and a 3 per cent surcharge for anyone who is purchasing a second residential home.
Robert also warns non-resident purchasers to be aware of UK capital gains tax that they will be subjected to upon property disposal, which would result in paying a flat rate of 28 per cent of the increase in the value of the property during their period of ownership.
The full answer can be read here, behind the paywall.