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The new SDLT surcharge: stamping on foreign buyers

Sean Randall (Blick Rothenberg) examines the draft legislation that will introduce an SDLT surcharge for foreign buyers of residential property from April 2021.

A stamp duty land tax (referred to here as ‘stamp duty’ for simplicity) surcharge for foreign buyers of residential property will apply in England and Northern Ireland from April 2021. The concept was announced at the Conservative party conference in 2018 the subject of a consultation in the spring of 2019 and adopted in the Conservative party manifesto. The stated policy is to ‘help make house prices more affordable helping people get onto and move up the housing ladder in line with wider objectives on homeownership’. The aim is to reduce the number of purchases made by non-UK residents partially offset by increasing the number of purchases made by UK residents. It is based on two academic papers written in 2017 which found that...

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