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.
News from Goodman Derrick
News from The Lawyer
Briefings from Goodman Derrick
Opinion that employee not disabled under Equality Act does not give employer defence for not making reasonable adjustments
Employers have a duty to make reasonable adjustments for disabled employees. However, this duty only arises where the employer knows the employee is suffering from a qualifying disability.
If you do not make a will, then you lose control over what happens to your estate following your death.
Analysis from The Lawyer
You don’t have to be a big firm to innovate and thrive in a downturn, as our look at the lower half of the UK 200 shows. We pick 10 inspiring stories
Our latest in-depth analysis of UK M&A legal bills reveals a good performance by smaller firms and success fees on the rise