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Overseas home owners to pay tax on UK property sales
05 December 2013 @ 20:03

Autumn Statement: Overseas home owners to pay tax on UK property sales.

Foreign property owners will pay tax on any gains in value on UK properties they own, under changes to capital gains tax announced by the chancellor.

Under the current system, only second home owners who are UK residents pay the tax, which is typically levied at 28%, on any rise in value when they sell a property.

The Chancellor, George Osborne, said the current system was "not right".

The tax change will come into effect from April 2015.

The move had been expected after the Deputy Prime Minister, Nick Clegg, said last month that the government was considering the change,

The new tax follows fears that foreign buyers of second homes are contributing to a housing bubble in London, where property prices are rising far faster than in the rest of the country. Values have risen by more than 10% in a year.

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