On October 25th, KIRE hosted a deep dive webinar with tax expert David Whitaker from Mishcon de Reya, exploring how the UK’s 2024 budget changes will affect the prime real estate market in London. The session provided insights on new tax rules impacting property owners and buyers, particularly in areas like Hampstead, and covered strategic approaches for navigating SDLT, corporate property taxes, and non-dom regulations.
Whitaker highlighted the increase in Stamp Duty Land Tax (SDLT) for second-home purchases and new corporate property taxes, shedding light on options for reducing exposure for luxury property buyers. He also discussed new complexities for non-domiciled (non-dom) individuals, which have prompted some high-net-worth individuals to reconsider their UK residence. For example, revised SDLT rules now add an additional surcharge to international buyers, making mixed-use properties an increasingly attractive option.
Despite a challenging market, KIRE noted strong activity in Hampstead and prime London locations driven by schools, transportation, and lifestyle appeal. Many transactions in these areas continued smoothly, indicating resilient demand in the primary residence market.
The session concluded with practical advice on estate planning and IHT mitigation, such as considering ownership structures and planning for intergenerational transfers. The event emphasized the importance of comprehensive tax advice to navigate these regulations, with Whitaker recommending consulting experts early when investing in or selling high-value properties.
If you’re navigating the evolving property landscape in 2024, stay tuned for KIRE’s ongoing updates on regulatory changes and their impact on London’s luxury real estate market.
To watch a replay of the webinar, please click below.
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