Speculation has started about what will be included in George Osborne's Autumn Statement scheduled for 5 December 2013. High on the list after Nick Clegg's recent disclosure is that capital gains tax ("CGT") will be extended to non-UK residents owning UK property. Non-UK residents are not currently liable to UK CGT on any assets they own so this would be an unpopular move from their perspective.
The proposals are designed to capitalise on the influx of foreign investment in the London property market by wealthy foreign individuals, although there is arguably also a political back-drop. Also affected could be ex-pats who have moved away from the UK for the time being but who retain property here.
In this article for eprivateclient (www.eprivateclient.com), reproduced here with kind permission, Victoria Mahon de Palacios, a senior associate in the Private Client team at Wedlake Bell, provides further details on this speculation and what the proposals would mean for non-UK residents and the ex-pat community.
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