Non-residents will have to pay capital gains tax (CGT) on any gains made from residential property sales in the UK from April 2015, George Osborne announced today.
The Chancellor said that, though the UK "welcomes investment from all over the world", it was unfair that UK residents pay CGT when they sell a home that is not their primary residence, while non-residents did not. Osborne was delivering his Autumn Statement in the House of Commons this morning. Gavin Pluck, a director at Guardian Wealth Management, said the widely-anticipated move brought the UK in line with other nations', but warned it could have an adverse impact on investment. "This move - no matter how popular with UK home seekers - could risk damaging the UK's reputation as ...
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