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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.

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