29th January 2021
Excerpt of Louise Reynolds' views on the Stamp Duty Land Tax (SDLT) and how it affects Expats
SDLT holiday and Overseas Buyer SDLT surcharge
The National - a Regional Daily Newspaper in the Middle East - interviewed Louise Reynolds about the effect of the withdrawal of the Stamp Duty Holiday on Expat buyers and the additional Overseas Buyer 2% surcharge coming in April 2021.
‘…Other buyers could be put off, says Louise Reynolds, who runs Property Venture®, a property agency based in Surrey where she acts as a buying agent for expatriates looking to buy in the UK.
She experienced a flurry of interest from clients hoping to make a saving in the run-up to the SDLT changes.
One Dubai client with a budget of about £250,000 hopes to save £6,700 in stamp duty by getting the deal across the line before March 31.
“The surcharge will really make expat investors think twice. They will be more price sensitive and may well only move if they can get distressed stock to try and compensate for the increase in tax," said Ms Reynolds.
“All of these fees can be offset against capital gains tax when they exit so it’s not completely lost money but it depends on what their strategy is. Certainly in the high price brackets, it's going to make a big difference.”
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Property Venture® is an award-winning, Boutique investment property specialist that helps time-strapped entrepreneurs and expats enrich their lives through property investment in Europe.
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