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Government recently announced plans to impose Capital Gains Tax (CGT) on overseas purchasers of UK residential property. Under the fairness agenda it seems perfectly reasonable to expect overseas and domestic investors, who already have to pay CGT, to have better tax alignment. Currently only domestic investors pay the 18% - 28% CGT on disposal and it is planned that overseas purchasers would now also incur this cost when the property is sold.
Unmoved by Uncertainty
Despite the widely panned impact of previous ‘consultation periods’ – namely the 2012 SDLT debacle – Government has adopted this approach to policy creation once again and the industry finds itself subject to another period of relative uncertainty. The below Table summarises what we know, what we need to know, and some of the possible market impacts.
Comment: There is a Better Way
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