Capital Gains Tax For Foreign Investors Planned In Autumn Statement

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July 15th 2020
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Capital Gains Tax For Foreign Investors Planned In Autumn Statement

Coalition planning to introduce a new capital gains tax on foreign investors who have purchased property in the UK.

Under plans currently being negotiated within the Treasury, foreigners (anyone who is registered as living abroad) will be liable to pay capital gains tax on the disposal profits on a property sale within the UK.

The precise percentages involved are not confirmed but it is thought the higher 28 per cent band would be imposed.

Deputy Prime Minister, Nick Clegg, want to raise funds from those who purchase central London property as an investment, causing further inflation and normally, empty properties.

Experts however warn that British expats could be caught out by the new levy. Those who have left their family home rented out whilst working abroad could be made to pay capital gains tax come sale time, something normally avoided as it is their primary residence.

More information will be disclosed in the 2013 Autumn Statement.

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