Latest News

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

Gulf Real Estate Investors Hit by New UK Residential Tax


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...
Insurance Coverage for the Unemployed in The UAE – January 2023
His Excellency Dr. Al Awar, Minister of Human Resources and Emiratisation on 12 May 2022, introduced adoption of new Federal Law on the unemployment insurance scheme through insurance packages, from January 2023 to employees of all nationalities.
read More
Borrowers and Credit Card Holders Beware!
On 4 May 2022, the Central Bank of UAE (CBUAE) raised the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 points. This decision was influenced after the U.S. Federal Reserve raised its target rate by 50 points in the face of inflation.
read More
Small Business Owners, Rejoice!
The UAE has always been an attractive hub for business owners from all over the world due to its tax-free commerce status. The government is now focusing on new beginnings and has set new rules to help local and small businesses thrive.
read More
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.