Could foreigners end up being subject to Capital Gains Tax (CGT)? Potentially, under ideas being floated by the Chancellor, George Osborne. Soaring property prices are sparking fears of a housing bubble in Central London - in some areas such as Mayfair, Kensington and Chelsea; the average home is worth about 30 times the average local salary.
Now the Deputy Prime Minister Nick Clegg’s said that sales of expensive foreign-owned properties will incur a higher rate of CGT. His comments come after rumours a couple of weeks ago that the move was likely to be considered were reported by major news outlets. Nick Clegg said that the Treasury was likely to include the policy in the autumn statement next month and that the levy shouldn’t be seen as a replacement for the Liberal Democrat’s objective of a mansion tax on properties worth more than £2 million.
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