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‘Window of opportunity’ For Overseas Buyers

22.09.20

Overseas buyers face a “complex series of considerations” in the coming quarter, with tax changes, volatility in the currency markets and logistical issues all in play – but for those brave enough to transact before the next stamp duty deadline there could be some significant savings on tax bills.

Crunching numbers shows the implications for those buying at different price points before the 2% surcharge comes into force on 1st April 2021, with worthwhile savings on offer – irrespective of currency movements.

The combined saving from not paying the 2% surcharge and benefitting from the stamp duty holiday at the £1m level could be £35k, rising to £115k for a £5m property, and over £1m for a £50m transaction.

There’s no chance of the tax change being put on the backburner, according to Sean Randall, a partner at Blick Rothenberg and chair of the Stamp Taxes Practitioners Group, which has been consulting with the government in recent weeks on the plan: “I would say there is zero likelihood of the government changing its mind. Discussions have been limited to the technical details and not the policy itself. I sense it is something that international buyers will become increasingly attuned to, in the coming months.”

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