IT looks increasingly likely that the UK Chancellor, George Osborne, will decide that capital gains tax (CGT) should be charged on British property sold by overseas nationals and expats.
In his autumn statement, on 5 December, the chancellor is expected to impose CGT on sales by wealthy foreign nationals, but also British people who are resident overseas and still have a property in the UK.
The Telegraph reports that the plan has been disclosed by the deputy prime minister, Nick Clegg, and would go some way to appease the Liberals who have seen their desires for increased taxes on multi-million pound properties squashed.
The new policy could see a capital-gains tax of 28 per cent on the sale of second homes in the UK that are owned by overseas investors, including expats, with an estimated £100 million raised by the tax.
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