RE: General election24 Nov 2019 17:59
Firstly, what is a 3% surcharge trying to acheive? Secondly can someone explain the maths in this paragraph from the article? (The higher tax suggests that a wealthy foreign buyer of a £1.5m home in London would pay £183,750 in stamp duty compared with £93,750 for a Londoner buying the property for their own use.) Looks like more than 3% to me. Thirdly, I live in Twickenham where 1.5M buys you a 3 bed terraced house - "wealthy foreign buyers" are not looking for that! Try 5m plus for "wealthy foreign buyers" in London. And finally, wealthy foreign buyers buying a 5m house can easily afford the extra 3% 150k - they usually spend another 1m gutting the place and refurbing.