It’s confirmed: Foreign buyers WILL have to pay Capital Gains Tax
News at Eden Harper | 05/12/2013
Hooray! It's that time of year again. No, we're not talking about Christmas time, although of course that looms largely in our minds. Yes, Chancellor George Osborne got his Santa hat on and delivered his annual Autumn Statement at a very lively session today. There were many rumours that the budget was set to introduce Capital Gains Tax (CGT) for foreign buyers - and indeed Osborne did confirm that as from April 2015, overseas investors will be subject to the same tax as UK citizens, as we've talked about before here.
The move came at a time when the London market especially has been fomenting concern among pundits and the public alike. Help-to-buy has fuelled fears of a housing bubble developing as it's rising faster than the rest of the UK and creating inflationary pressures.