Budget 2020 Intention of non-resident stamp duty changes to be applauded but details need more focus

Intention of non-resident stamp duty changes

Commenting on The Chancellor’s announcement that a 2% stamp duty land tax surcharge (SDLT) would be introduced for non-UK residents purchasing UK residential property, Peter Beckett, Real Estate Tax Partner, KPMG UK says.


Also on home.kpmg

“The intention here has to be applauded, the Government hopes to make home ownership more affordable for UK residents and any revenue raised will be put towards ending rough sleeping. This will not have come as a surprise to anyone in the real estate market. A non-resident surcharge was a Conservative manifesto pledge and Theresa May’s government had consulted on a 1% non-resident surcharge in February 2019. Whilst the commitment is to be applauded, the 2% surcharge is not to take effect until 1 April 2021 so the details are unlikely to have been finalised. Areas of difficulty previously included what ‘non-resident’ should mean for SDLT purposes and whether overseas corporate investors should be targeted where they are funding the building of new homes.”


Follow us on twitter: @kpmguk #Budget2020

For further information please contact:

KPMG Press office
+44 (0) 207 694 8773

Simon Wilson, KPMG Corporate Communications
Mobile: 07785373397
Email. : Simon.Wilson@kpmg.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

Connect with us


Want to do business with KPMG?


loading image Request for proposal

Save, Curate and Share

Save what resonates, curate a library of information, and share content with your network of contacts.

Sign up today