Latest News

CONNECT, NOW.
We understand the importance of availability, and we act on it.

Gulf Real Estate Investors Hit by New UK Residential Tax

17/3/2016

The UK government has introduced a new tax on the purchase of additional residential property

The UK government has introduced a new tax on the purchase of additional residential property, raising concerns that Middle Eastern investors could become more cautious about making multiple acquisitions in a market they have traditionally perceived as a safe haven for their cash.

In the annual Budget announced, the Treasury confirmed it would introduce an extra 3 percent stamp duty land tax (SDLT) on the purchase of “second homes” from April 1, 2016 meaning that anyone buying an additional residential property, whether to live in or as a buy-to-let investment, would be liable for the tax.

Transactions completed before midnight on 31 March will be exempt from the levy; likewise properties where contracts were exchanged before November 25 will not be liable, even if completion takes place on or after April 1.

You might also like...
UAE: MASK FREE Except for 3 Public Areas
Starting Wednesday, September 28, mask-wearing is optional for all "open and closed facilities and spaces", except for hospitals and medical facilities, mosques, and public transportation means like buses, Dubai Metro and Dubai Tram.
read More
Beware of Big Ticket Abu Dhabi’s Scammer Account
Organizers of the popular mega raffle draw Big Ticket Abu Dhabi have issued a fraud alert, warning the public of a fake social media account that claims to be its "second account" and bears the handle "@bigtiicketauh".
read More
Digitisation of RTA Licensing Services
'Click and Drive' will digitise the entire process of obtaining drivers' licenses, including a first-of-a-kind mobile eyesight testing service in the region that is currently run by Al Jaber Optical.
read More
SEE ALL INSIGHTS
Thanks, got it!
Something went wrong, please try again.

Use our online calendar to set up your own appointment and connect to an elawyer for a consultation.