Extra Stamp Duty for Overseas Investors in UK

Video Transcription: 

Hey guys. So, I just want to jump into a quick video because Theresa May has announced that she’s going to look at extra stamps duty for overseas investors which, you know, is a real kick in the teeth. I mean, it’s one of these things where you just can’t catch a break as an investor, you know. I think the real issue is is that the whole movement now is towards nationalization and is toward, you know, putting yourself first. So, if you are an off-shore investor, you know, you’re getting pushed out. The problem is is that that’s happening all around the world, and that’s the movement that’s happening now. And yes, it may be done with Brexit and Trump, but I think we’re going to see more and more of this, you know, over time. And, you know, the unfortunate thing is what can you do about it? Not a lot. I mean, they haven’t announced it yet but they’ve said stamp duty, initial stamp duty between 1% and 3% they’re suggesting, which probably means 3%, you know, is what it’ll come at, which, you know, is a huge kick in the teeth. That’s on top of, because of obviously buying for investment, the 3%. So, potentially that can be another, you know, 4% to 6% on top of the usual stamp duty depending on what scale it’s at.

So, you know, the cost is starting to mount but this the where things are going towards. You know, governments are so inefficient, governments are freaking useless, they’re just running around looking ways they can take more money off people without providing any service. And they need to go back to basics and look at what they are providing. And you know what they need to do? They need to benchmark, you know, because the reality is some of this guys are dinosaurs in the way they approach everything, you know. I mean, there is no government department that I know of in the UK that I would say is run in any way efficiently, effectively or benchmarking against best practice, you know. I mean it’s just, it’s appalling the level of service at every step and it literally is let’s cap the level of service rather than stop going wrong. What do we actually need to revive? Let’s actually find a way to produce so that you’re getting results, you know, very quickly in a much more efficient and effective, and that may be on the cloud, online or things like that. It’s not happening because what they are doing is justify charging a fee because they’re not going to bring income in. So, not only are they taking the tax, they are now charging on top of these. It’s just appalling, you know. I live in Singapore and Singapore is one of those places where you see government and you see how government should run, see how politicians should act, and you see how, you know, that should be, if anything, every freaking, you know, politician around the world should visit here, and just see how well it runs.

And people are gonna say, “Oh, you’re giving away freedoms. It is a dictatorship,” and all this. It’s absolute crap. You know what? if you’re not doing the wrong thing, if you’re not stuffing around, you know, if you just want to live your life and get on with things, it’s a fantastic place to be, you know. No, that’s not to say that, you know, I’m being, you know, Singapore, and we want everyone to come here and live here, and that. But I think one of the key things for everything is you look at other industries and you find out what they’re doing well and you integrate that into your industry. That’s the whole way that you don’t become disrupted. But there’s nothing about that. Anyway. So I got a bit off track there, but this is a properly rant, so. But look, you know, the tension that’s coming in, they’re going to do some consultation. Traditionally, the government does a consultation, they’re not interested in listening, they’re just looking at the extra, I think it was 156 million or something like that, that they’re going to make extra out of doing that per year, I think they, I said I read a figure somewhere. So, yeah it’s coming. How quickly it’s coming? Well, you know, it’s likely that it will come into effect probably next April. But you know what? It may well be that they do the consultation then they just introduce it right away like they have done previously, you know, no warning. And it would normally be for stuff that isn’t exchanged already. So, if you’re buying something, get it exchanged quickly, don’t let it beat around the bush and I think you’ll be fine. All right, guys. Well, remember, comment, subscribe. Love to get your feedback and I’d love to, you know, answer your questions. All right, have a great day. Live with passion. Bye.

About the Author

Brett has over 20 years experience in all facets of property, he owns various companies centred around property and is the driving force behind the education and training at Gladfish. His companies have sold over £850 million in UK and London property and he manages over 1200 properties through his estate agency chain. Today he shares his time between UK, Australia and Singapore. He is married to Arlene and together they have 4 kids.

>