For many years the UK government has talked about increasing the tax for foreign home buyers but it will soon become a reality.
From the 1st April 2021 all overseas buyers will need to pay an additional 2% in tax, in addition to paying the stamp duty on a property. It is important to remember when you are looking at a property that you will need to work out your stamp duty liability and add an extra 2% on top of the purchase price.
On a £500,000 property, this tax would equate to an additional £10,000. Important to note as well that this tax is applicable for all buyers, regardless of their intentions to live in the property or use it as a buy-to-let.
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