Higher Taxes for Foreigners Buying Residential Properties

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Higher Taxes for Foreigners Buying Residential Properties

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Overview: A higher stamp duty for all foreigners buying their first property in the UK and an incremental higher stamp duty for foreigners buying additional properties in the UK.

Rationale: Residential property prices across UK and particularly London are at their highest price to wages ratio ever whilst foreigners benefit from the weaker sterling and push up demand and property prices. In countries like Singapore foreigners pay an additional 10% on stamp duty and 15% for additional properties.

I put this issue to the debate of the Houses of Parliament to help curb property prices and make them more affordable to British people who actually live and need to own a property.

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