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When Dubai resident Mohy Shams heard about UK finance minister Rishi Sunak’s stamp duty holiday for residential property purchases last July, he jumped at the opportunity to make a saving.
Briton Mr Shams, who has lived in Dubai since 2014, already owns five properties in the UK and two in the emirate as part of an investment portfolio.
By completing his deals ahead of March 31 when the tax break ends, Mr Shams will only pay £8,400 ($11,497) in Stamp Duty Land Tax (SDLT), on a £100,000 property in Stockton-On-Tees, Country Durham and a £180,000 off-plan home in Bicester Village, Oxfordshire.
After the deadline, not only will the tax holiday disappear, but Mr Shams will also be subject to a 2 per cent surcharge on purchases by non-resident buyers. If he had waited to close the deals, this would have bumped his total tax bill up to £15,100, meaning he will make a total saving of £6,700 by completing earlier.