Foreign property owners to pay capital gains tax?
The Chancellor is apparently considering charging capital gains tax (CGT) on foreign owners of UK property.
Currently UK residents have to pay CGT if they make a profit when reselling any investment property; while non-resident owners are exempt from CGT. Under the proposals, which the Chancellor is said to be “actively investigating”, overseas buyers would become liable for CGT, as they are in many other countries throughout Europe.
Date: 14th November, 2013
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