Housing: Foreign Nationals
The question
To ask the Secretary of State for Housing, Communities and Local Government, if she will make an assessment of the potential merits of implementing restrictions on foreign (a) nationals and (b) companies purchasing new houses.
Answered by Matthew Pennycook
The government made clear in its manifesto that we would increase the non-resident Stamp Duty Land Tax surcharge by one percentage point.
At the Budget, we decided to go further and instead increased the Higher Rate for Additional Dwellings by 2 percentage points to 5%. This will raise £310 million by 2029-30 and go further than the manifesto commitment to rebalance the housing market.
Overseas entities who want to buy, sell, or transfer property or land in the UK, must register with Companies House and tell us who their registrable beneficial owners or managing officers are.
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