Sunday, September 30, 2012

London property prices to crash next?

Greece Seeks Taxes From Wealthy With Cash Havens in London

At the request of the Athens government, the British financial authorities recently handed over a detailed list of about 400 Greek individuals who have bought and sold London properties since 2009. The list, closely guarded, has not been publicly disclosed. But Greek officials are examining it to determine whether the people named — who they say include prominent businessmen, bankers, shipping tycoons and professional athletes — have deceived the tax authorities by understating their wealth.

Posted by stuartking @ 05:39 PM (1946 views)
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7 thoughts on “London property prices to crash next?

  • The cheeky so and so’s!

    As a quid pro quo for these people stumping up full LVT on their UK land and buildings, the UK government would of course give them complete exemption from all other taxes and a promise of complete anonymity and non-disclosure to nasty foreign governments.

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  • the UK government would of course give them complete exemption from all other taxes and a promise of complete anonymity and non-disclosure to nasty foreign governments.

    Same arrangement, no doubt, that allows HM tax to find out about any money stored offshore in foreign countries by UK citizens….

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  • stillthinking says:

    There’s an article on zero hedge about this predicting the end of hot/illegal money housing, in a similar way to the end of the Swiss banking secrecy. With the caveat that it does hold up housing…

    I find the idea of governments cooperating on tax insinuous and threatening, and I don’t even have any money.

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  • add the properties to all the porsches in the Greek villages where no-one earns more than 20k a year and you have a nice list of tax evaders

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  • Dear HPCers, this is possibly the most significant development. Forget about the prime property and concentrate on these two paragraphs:

    ****
    Experts say it is not only high rollers looking to make a splash. Many of the recent buyers hail from Greece’s professional classes, including lawyers, doctors, accountants and midlevel bankers who are paying £300,000 to £500,000 for modest apartments.
    Notably, a recent study conducted by economists at the University of Chicago concluded that it was within this segment of society where most of Greece’s tax collection shortfall occurs.
    ***
    This could potentially trigger a massive reverse trend on London’s properties.

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  • Phew, only 400 wealthy Greeks in London, and I thought they were holding up prime London property prices. Once they pay their Greek taxes they won’t be able to afford City of Westminster council tax, and then they will have to leave.

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  • Discounted Properties says:

    It all depends on the fact of how 400 wealthy Greeks in London will react, Hope for the best.

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