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UK election: Tories plan stamp duty hike on non-UK residents

Labour is also proposing a levy on “overseas companies buying housing”, and wants to give local people “first dibs” on homes built in their area.

SNS Web | New Delhi |

The Tories said that the surcharge on people who are not tax resident in the UK will help more Britons get on the housing ladder, as well as fund efforts to tackle rough sleeping.

The party claims it will help people get on the housing ladder by taking the heat out of the property market, the BBC reported.

The government was already planning a one per cent hike for foreign buyers.

Labour is also proposing a levy on “overseas companies buying housing”, and wants to give local people “first dibs” on homes built in their area.

At present, foreign individuals and companies can buy homes as easily as UK residents, but under the Conservatives’ plans, they would face a 3% surcharge on top of the stamp duty already payable.

Chief Secretary to the Treasury Rishi Sunak said, ” “Evidence shows that by adding significant amounts of demand to limited housing supply, purchases by non-residents inflate house prices.

This represented a 2% fall from autumn 2017 – the first time the number of people sleeping rough has fallen year-on-year since comparable records began in 2010.

The Conservatives claimed UK property is often bought by wealthy foreign individuals or companies and kept as investments or rented out at inflated prices.

Last week, PM Johnson had extended his lead over opposition Labour Party leader Jeremy Corbyn as he strengthens the ruling Conservatives’ grip on working-class voters ahead of the December 12 general election, according to a new poll.

PM Johnson had launched his Conservative Party’s campaign, who is facing an unprecedented candidate against him. A young Muslim immigrant Ali Milani who represents the Labour Party in Uxbridge and South Ruislip constituencies of northwest London.

Johnson is hopeful that the December 12 election will break the long impasse over Brexit and give his party a majority so he can extricate Britain from the European Union.

The Liberal Democrats set out plans for 3,00,000 new properties a year — a third of which would be social rented homes. The party also said it would also tackle “wasted vacant housing stock” by allowing local authorities to increase council tax by up to 500 per cent where homes are left empty for more than six months. They also want to launch a rent-to-own scheme, which would see social tenants build up an equity stake in their homes over 30 years.

(With inputs from agency)