Foreigners investing in London land face new tax
Print Edition
Britain is considering imposing capital gains tax on foreign property investors in an effort to tackle soaring house prices in the capital London, Sky News reported yesterday citing unidentified sources.
It said the Treasury had provisionally agreed the measure and was awaiting a final decision from finance minister George Osborne ahead of his budget update, known as the “Autumn Statement,” on December 4.
The Treasury said Sky’s story was “pre-Autumn Statement speculation.”
House prices in London are rising at an annual pace of more than 10 percent, according to property website Rightmove, on strong demand from overseas buyers.
Britons have to pay capital gains tax — typically at 28 percent — if they make a profit when reselling any property that is not considered their primary residence. But foreign property investors have hitherto been exempt, unlike in many other European countries.
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