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Tax experts have raised concerns about the government’s plan to impose capital gains tax (CGT) on overseas residents who sell UK property, calling it an attack on rich non-voters and warning that it could discourage foreign investors.
The chancellor, George Osborne, announced the charge in his autumn statement today, after weeks of speculation it would form part of an anti-avoidance package in his speech to the Commons.
Tax experts have raised concerns about the government’s plan to impose capital gains tax (CGT) on overseas residents who sell UK property calling it an attack on rich non-voters and warning that it could discourage foreign investors.
The chancellor George Osborne announced the charge in his autumn statement today after weeks of speculation it would form part of an anti-avoidance package in his speech to the Commons.
“This measure had been widely reported in the press… and is therefore not such a surprise ” said Andrew Sneddon head of tax at law firm Trowers & Hamlins.
“It is an extension of the tax attack on high-value UK homes which began in the 2012 Budget with the 15% rate of stamp duty land tax and continued this year with the introduction of the annual tax on enveloped dwellings and CGT for many company-owned homes.
“Unfortunately...
