LONDON (Reuters) – Foreign buyers of English properties will have to pay a levy of 3% of the purchase value under plans put forward by Prime Minister Boris Johnson’s Conservatives on Friday, aimed at deterring wealthy investors from driving up house prices.
FILE PHOTO: Britain’s Prime Minister Boris Johnson campaigns in Mansfield, Britain, November 16, 2019. Frank Augstein/Pool via REUTERS
The plans form part of the Conservative Party’s campaign to win a Dec. 12 election, which is heavily based around Johnson’s promise to deliver Brexit within months and move on to domestic issues like education, healthcare and policing.
Successive British governments, including the last nine years of Conservative rule, have failed to alleviate a long-term housing shortage which has driven up property values and priced many working Britons out of buying their own home.
The proposed reforms to Stamp Duty Land Tax – a levy on property purchases – would apply to companies and individuals who are not resident in Britain for tax purposes, and could raise up to 120 million pounds per year, the party said.
London’s high property prices and a strong l