Previous prime minister Theresa May had already announced plans for a surcharge and in Budget 2018 this was proposed to be just one per cent.
According to reports, the increased surcharge would apply to non-UK tax residents, whether individuals or companies, and include expats moving back to the UK.
It would also be charged on top of any other stamp duty levies, including the three per cent second home surcharge that is already in place.
It is estimated the higher charge would affect about 70,000 transactions each year and raise around £120m, which would be used to help reduce rough sleeping and homelessness.
Election promises
The Conservatives have yet to set out their full manifesto, but yesterday promised to introduce ‘lifetime’ fixed rate mortgages and discounts for first-time buyers.
Meanwhile, Labour launched its manifesto yesterday. This included reforming the Help to Buy scheme so that it focuses on first-time buyers.
And it also announced plans for tougher regulations on bad landlords and a major social house building programme.
