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Gov't weighs CGT hit for foreign property investors
by Brian Cantwell on Oct 31, 2013 at 12:57
The government is considering imposing capital gains tax (CGT) on foreign owners of British property in a bid to quell fears over a London house price bubble, according to Sky News.
Sky said the Treasury had costed the measures and was awaiting a decision from chancellor George Osborne (pictured) over the measure, which could be unveiled in the Autumn Statement.
Non-resident property owners are currently exempt from the 18% or 28% CGT charge on gains from property sales.
The move would bring the UK in line with the tax treatment of overseas property investors throughout most of Europe.
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