Thursday, Oct 31, 2013

George Osborne 'considers capital gains tax for overseas buyers'

Guardian: About time, but don't hold your breath

The government is reported to be considering a tax for overseas investors buying UK properties, in a move to stop house prices rushing out of reach of homebuyers.
Ed Mead of estate agency Douglas & Gordon said the policy would be "difficult to police" as the government could struggle to ascertain whether overseas buyers were investors or residing full time in the property.

Posted by doomwatch @ 12:09 PM (2319 views) Add Comment


1. doomwatch said...

Is this just another cynical press release to try & win back the Tory UKIP converts, or will anything concrete come out of it that will benefit the next generation [unlike University tuition fees].

Thursday, October 31, 2013 12:13PM Report Comment

2. mombers said...

"Ed Mead of estate agency Douglas & Gordon said the policy would be "difficult to police" as the government could struggle to ascertain whether overseas buyers were investors or residing full time in the property."
You're a UK resident for tax purposes if you spend 183 days or more in the UK per year. If you spend less than 183 days in the UK it can't be your main home so there you go.

Thursday, October 31, 2013 12:28PM Report Comment

3. Thecountofnowhere said...

Whatch what they DO not what they SAY!!!!

Thursday, October 31, 2013 12:50PM Report Comment

4. khards said...

They could just expand council tax bands from A to Z, with Being £2m + properties taxed at £20k per year and Z being tax exempt hell holes like Newport.

Thursday, October 31, 2013 02:27PM Report Comment

5. Lucas said...

Shocking. Why have they not been paying this in the first place? Overseas buyers should also be limited in the price range of properties they can buy. The lower end market should be restricted for local people/first time buyers who cannot afford to buy at the higher end spec price range which are mostly aimed at wealthy internationals by the house builders.

Thursday, October 31, 2013 03:28PM Report Comment

6. iguana said...

Boy George can't even extract anywhere near the full amount of tax from UK companies that he knows the address of, how on earth does he propose to calculate then levy a cgt from random property owners with unknown non uk addresses? Why bother when with minimal effort he could introduce anti avoidance legislation (there are several European examples) and plug the revenue black hole with avoided tax?
"This time next year Rodney we will be millionaires" , oh I forgot, the eton boys and their mates and non-doms like the status quo.

Thursday, October 31, 2013 07:44PM Report Comment

7. stillthinking said...

Maybe it would be better if the government just reduced the amount of money they spent, irrespective of source.. This won't reduce the tax bill of any UK resident, just the state gets bigger (yet again).

Friday, November 1, 2013 04:17AM Report Comment

8. doomwatch said...

High worth buyers [including the UK "elite"] with a "decent" [LOL] accountant also avoid Stamp Duty Tax by wrapping up the "property asset" either in a limited company and/or an off shore trust / vehicle.

Doubt this will be changed in legislation as 99% of the Lords, old boy aristos etc use this trick.

"Jolly good wheeze. Family accountant is a good egg, what, what."

Friday, November 1, 2013 10:14AM Report Comment

9. stuartking said...

The hypocrisy of this Government is astounding. Just two weeks ago, junior housing minister Kris Hopkins, when talking about high levels second home ownership levels in parts of this country, including Salcombe in the South Hams, dismissed suggestions that 'wealthy city dwellers were fueling a shortage of affordable housing in the countryside by snapping up holiday cottages'.
His view, reported in the Sunday Times, was that second home owners brought 'a catalogue of benefits, generating jobs and boosting the wider economy'.
The mayor of Salcombe - the holiday home capital of Devon - while admitting some benefits might accrue to builders, maintenance contractors and letting agents, said: 'I cannot possibly imagine what planet Kris Hopkins is on... The fact is house prices in Salcombe are on steroids, a fact that is entirely due to wealthier people, many on city wages, snapping up available property, some of which is then demolished and replaced with box-life, glass laden contemporary styles that, whilst providing optimum inside space with views that the occupants enjoy, design-wise often bear no relation to the traditional style of the town.'
He added: 'While the situation may generate local business in terms of services and retail, it is also a seasonal feast or famine situation. Often new-build brings in outside contractors and, more importantly, this trend renders house prices totally unaffordable to genuine local people on rural wages or seasonal salaries.
'This is the very reason we have a major low-cost housing crisis in Salcombe and much of the south west that is situated with AONB areas. I would challenge Kris Hopkins to explain in fine detail the basis of his unhelpful statement...'

Saturday, November 2, 2013 10:18AM Report Comment

10. mark wadsworth said...

Well said, Mayor of Salcombe!!

Monday, November 4, 2013 10:59AM Report Comment

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