A two percent stamp duty surcharge for non-UK tax residents purchasing real estate in the UK is scheduled to take effect next April. This means Thailand-based property investors need to act quickly to avoid extra taxes. The good news is that you can learn more about the impending stamp duty surcharge and much more at the London Property Showcase in Bangkok on November 13th-14th.
There is also another reason why Thailand-based property investors should act soon if they are considering London real estate. Earlier in the year, the UK government rolled out Stamp Duty Holiday Benefits that reduce the amount of tax payable. These are available to overseas buyers who will realize noticeable savings on properties priced between GBP500,000 and GBP2 million.
However, with the UK Stamp Duty Holiday Benefits set to expire in March 2021 and the two percent stamp duty surcharge for non-UK tax residents kicking in shortly after that, it is important to act swiftly.
The savings of purchasing London property now as opposed to later on next year are quite significant. A Wall Street Journal article highlighted the difference in stamp duty owed should you purchase now as opposed to April of next year. On a home priced at GBP500,000 you would currently owe GBP15,000 in stamp duty taxes. This figure skyrockets to GBP40,000 if you wait until April 2021 to make your purchase.
Why should you attend the London Property Showcase?
Attending the London Property Showcase in Bangkok on November 13th-14th is your chance to learn more about both the UK stamp duty surcharge and the Stamp Duty Holiday Benefits from local experts. You can schedule a private consultation with JLL and Knight Frank to gain further insights as to the benefits of purchasing London property now and be introduced to outstanding developments from Berkeley Group, a leading UK homebuilder.
The two-day showcase is your opportunity to see several exciting new projects in London Zone 1 and Zone 2 that have just become available to local buyers. Regardless of if you’re looking for investment, educational or personal reasons, the London Property Showcase in Bangkok on November 13th-14th is the one event you can’t afford to miss.