Residential and development

Industry attacks May’s new stamp duty plans

By 2018-10-04T05:01:00

Theresa May conference_rexfeatures_9908416c_cred NEIL HALL_EPA-EFE_SINGLE USE ONLY

Source: rexfeatures_9908416c_cred NEIL HALL_EPA-EFE

Developers say government’s planned tax hike could make the housing crisis worse

On Monday, the first day of the Tory party conference in Birmingham, Theresa May unveiled plans to force foreign buyers and offshore companies to pay between 1% and 3% extra stamp duty. Justifying the move, the prime minister said:

“It cannot be right that it is as easy for individuals who don’t live in the UK, as well as foreign-based companies, to buy homes as [it is for] hardworking British residents.”

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