CGT introduced for foreign property investors

6th December 2013

In his Autumn Statement, the Chancellor announced that capital gains tax (CGT) on future gains made by non-residents disposing of UK residential property would be introduced from April 2015- a move that could raise up to £70m in revenue a year by 2018-19. He said "Britain welcomes investment from overseas but it's not right that those who live here have to pay CGT, but those who are non-residents do not". At present, the basic rate of CGT is 18%.

Source:    The Independent