As today’s UK stamp duty land tax changes come into play, UK doctors are bracing themselves to feel the pinch. However, it is a different story for foreign doctors looking to relocate to the UK when you factor in the current weakness of the pound. Here’s how changes in stamp duty helps foreign doctors.
To an overseas doctor, the prospect of relocating to the UK or investing in a second home is currently an attractive one. Homes have been found to stand 28% cheaper for Eurozone buyers than they were 3 years ago. Continuing EU referendum uncertainty is the reason for recent lows.
The resultant offset means that foreign doctors remain financially unaffected by the stamp duty land tax reforms and the 3% surcharge on second homes and buy to let properties from this month.
Having introduced the new tax levy to make home buying a ‘level playing field’ for the UK’s first-time buyers, such as the likes of junior doctors and GPs; the Chancellor has inadvertently tipped the scales in favour of foreign investors like relocating doctors or those wishing to purchase property for children studying in the UK.