Nick Clegg (the UK's Deputy Prime Minister) has announced that the Government is strongly considering imposing capital gains tax (CGT) on non-residents owning UK property. Under current rules, only UK-residents are subject to the tax. The proposed rate of tax would be 28% on any gain.
Any announcement regarding this would almost certainly be made in the Autumn Budget Statement on 5 December 2013. Non-resident property investors will be watching these developments closely.
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