Conservatives pledge to raise stamp duty for non-UK residents

The Conservative party has announced that it will increase stamp duty for individuals and companies not tax resident in the UK.

At its party conference, it revealed that this could raise up to £120m which will be used to help rough sleepers.

The Conservatives added that stamp duty has been abolished for 80% of first-time buyers, which will help families get a foot on the housing ladder.

“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,” the party stated.

“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.”

Last month, the government introduced two new housing funds to help deliver 300,000 new homes a year by the mid-2020s.

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