The government has revealed it will propose a 1% Stamp Duty Land Tax (SDLT) surcharge for overseas property buyers.
It made the announcement as part of the Budget where it confirmed a consultation on the matter would be launched in January.
The move was initially announced by prime minister Theresa May but no figure had been put on the scale of the charge.
In the Budget documents HM Treasury said: “The government will publish a consultation in January 2019 on a SDLT surcharge of 1% for non-residents buying residential property in England and Northern Ireland.”
A cut and rebate in SDLT for first-time buyers purchasing shared ownership properties was also revealed.
