Foreigners buying UK property could face new 3% tax
Britain’s Conservative Party announced plans to impose an additional three per cent levy on overseas buyers of houses and apartments should the current government win the December 12 general election.
The government said the levy would help first-time buyers on to the property ladder by reducing demand from outside buyers.
The policy could affect about 70,000 potential sales a year.
Properties affected are some of the highest profile developments in the UK including London’s Battersea Power Station.
Research by King’s College London found that one of the main causes of high property prices are foreign investors.
The average house price in England and Wales has nearly tripled in the last 15 years.
Thousands of upscale homes in London, typically owned by wealthy non-resident foreigners, remain empty.