Autumn statement preview: Osborne’s plan to tax foreign property owners
By Stephanie Brobbey
It is reported that George Osborne is considering imposing capital gains tax (CGT) on foreign property owners in an attempt to curb soaring house prices in and around the capital.
The new development would follow on from a series of changes affecting property ownership and taxation introduced by the chancellor in last year’s budget and implemented earlier this year. Speculation in national newspapers suggests that the chancellor may seek to levy a tax on overseas investors amid concerns that they are fuelling a bubble in the London property market.
UK residents currently pay CGT at 18 per cent for the basic rate taxpayer or 28 per cent for the higher-rate taxpayer when they sell a property that is not their main home. Non-residents are exempt from paying CGT, which allows them to buy and sell UK property without paying any tax on the proceeds of sale. In a response to the chancellor’s alleged plans, business secretary Vince Cable said it was an ‘extraordinary anomaly’ that UK citizens were liable for the tax but foreigners were not…
If you are registered and logged in to the site, click on the link below to read the rest of the Goodman Derrick briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Goodman Derrick
Briefings from Goodman Derrick
The variable element, ie. the commission or overtime, should be included as ‘remuneration’.
The latest football/finance issue to rear its head is ‘third-party ownership’ of football players.
Analysis from The Lawyer
Active financial management is vital, but with firms looking more closely at the process of debt and fee collection, the personal touch still counts
The lure of the law can kick in at any stage of life. We speak to four individuals who have made a radical switch to a legal career