At the moment, foreign individuals and companies who don’t live in the UK can buy homes as easily as people who actually live here - driving up house prices and making homes less affordable for ordinary people.
That’s why we’re increasing stamp duty for individuals and companies not tax resident in the UK. This tax could raise up to £120 million - money we’ll use to help people who are sleeping rough. At the same time, we have abolished stamp duty for 80% of first-time buyers, helping families get a foot on the housing ladder and a good start in life.
Britain will always be open to people coming here to live, work and build a life. Our plan for more homes will help them have the opportunity of a great place to live and raise a family.
📢 We will apply a higher rate of stamp duty for non-UK residents.— Conservatives (@Conservatives) 30 September 2018
This will help:
➡️ Hard-working British residents get the right home for them.
➡️ End the scourge of rough sleeping for good.
🏘️🔵 #CPC18 pic.twitter.com/vL7qIbrCTO
Labour's Broken Promise
Labour broke the promise they made in their manifesto and voted against cutting stamp duty. This would make it harder for people to get on the housing ladder. Labour MPs voted against the Finance Bill at Third Reading and the abolition of stamp duty for 80 per cent of first-time buyers – breaking their manifesto commitment.