Will the UK start taxing foreigners?

Written on 5 November 2013 by Alistair Boscawen in Investments


As house price rises show no sign of abating, is the idea of capital gains tax being floated? Read on for further insight.

As data continues to demonstrate that house prices are rising at their fastest rate in more than three years; it’s been reported by Sky News that Treasury officials are looking into the idea of taxing foreign buyers. There have been accusations that mega-rich oligarchs from Russia and the Middle East have pushed prices up by over ten percent in a year, by snapping up hotspots in Central London.

Overseas investors have been attracted by the prospect of attractive rental yields in London – and are currently exempt from paying 28 percent capital gains tax on their investments if they make any profit when reselling property not judged to be their primary residence. Currently Britons have to pay the tax.

Spokesmen for the finance ministry and the Prime Minister declined to comment further on the story. For more information read on below:

Reuters

image from freedigitalphotos.net

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen

RELATED ARTICLES


Stucco-fronted homes stand test of time
20 April 2015

Stucco is often used to describe properties for sale in upmarket areas of London such as Chelsea, Belgravia and Mayfair, but what does it mean? Stucco is the common term for Portland cement plaster and describes the exterior finish of a building. It’s popular because it not only provides an economical hard surface that is […]

Read more
Why overseas investors are attracted to property in Belgravia
25 February 2015

Prime London is a magnet for foreign money, particularly areas such as Belgravia, Chelsea and Mayfair.

Read more

Contact Us

+44 (0)20 7730 9253
81 Elizabeth Street, London SW1W 9PG

Get in Touch