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:
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