The article is about a family where the wife is from the UK and is ready to retire, even though they currently reside in the U.S. The husband plans on working for another five years or so while his wife gradually moves back to the U.K.. According to them they will be liable for an additional 3pc tax surcharge because they own extra property but it will not be considered their main residence, However if they make it their main residence they might qualify for a tax refund.
Key Takeaways:
- Unfortunately when it comes to calculating whether you are liable for the additional stamp duty surcharge, the taxman will take into account any property you own, whether in the UK or overseas.
- According to Nimesh Shah, a partner at Blick Rothenburg, the tax advisers, you will be liable for this additional payment even if your first property is in America.
- In many foreign countries it is common for property to be owned through a company. If this was the case it would not count as being owned by you
“This means the purchase of any home in addition to a main residence is liable for an extra 3pc of stamp duty.”