UK increases stamp duty for foreign property buyers

The stamp duty surcharge will begin to be collected from April 2021. This decision may lead to a temporary surge in the activity of foreign investors in the country’s market, writes Mansion Global.

The Chancellor of the exchequer of the United Kingdom, Rishi Sunak, announced that from April 2021, an additional stamp duty of 2% will be introduced for foreign buyers of real estate.

Despite the fact that the amount of the fee was less than expected, the new tax may be an unfortunate step for the local real estate market, which has just begun to recover. Continue reading →