For­eign­ers buy­ing UK prop­erty could face new 3% tax

The National - News - - NEWS | WORLD - JAMIE PREN­TIS

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.

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