Tories propose higher stamp duty rate for non-UK residents

By Harriet Line, PA Deputy Political Editor

Foreign individuals and companies buying properties in the UK will be forced to pay more stamp duty under Conservative proposals to help more Britons get on the housing ladder.

Buyers who are not tax resident in the UK will be made to pay a higher rate of stamp duty land tax if the Tories win a majority at the General Election.

The surcharge will be levied on top of all other stamp duty payable and charged at 3%.

The party estimates the measure will raise up to £120 million a year, which would be directed at programmes to tackle rough sleeping.

Currently, foreign individuals and companies can buy homes as easily as UK residents.

Chief Secretary to the Treasury Rishi Sunak said: "The Conservative Party is levelling up opportunities across the country, helping millions of people into home ownership.

"Evidence shows that by adding significant amounts of demand to limited housing supply, purchases by non-residents inflate house prices.

"That is why we are introducing a higher rate of stamp duty for non-UK residents that will help to address this issue and could raise up to £120 million."

He said Britain would "always be open to people coming to live, work, and build a life in this great country," adding: "The steps we are taking will ensure that more people have the opportunity of a great place to live and build a family.

"House-building is already at its highest level for 30 years, with over 240,000 homes delivered last year.

"A vote for the Conservatives will allow us to get on with implementing our ambitious domestic agenda, instead of a Labour government spending 2020 distracted by another two chaotic referendums rather than focusing on people's priorities."