A UNITED APPROACH EPISODE 3: BUYING REAL ESTATE
BY ROBERT PAUL
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Robert Paul, Partner in the US Family Office spoke to Richard Rogerson, CEO at RFR and Carlo Grey, Partner at Buzzacott about the tax implications of an American buying a property in the UK, we have summarised their discussion below.
Any American family that moves to the UK and intends to stay for the medium to long term will likely face a critical decision: should we buy a house? For many people who can afford it, it’s an easy decision. However, there are several things that US citizens living in the UK need to consider before they take the plunge – regardless of how much the property is worth – but especially if it is of a high value.
With London often being the market of choice for US expats, the good news is that prices, especially those at the higher end, have fallen in recent years. Part of this was caused by the Brexit vote, but in reality, property prices began to decline in 2014 following an extended period of growth. The main culprit of this was an increase to stamp duty, as well as an additional charge for people who are buying a second property.
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