atans1

Even NY & London getting less friendly to non-resident property owners

In Property on 03/11/2013 at 4:25 am

NY and London vie for the status of the world’s most global city. Yet even NY and the UK are showing signs of getting tired of too many FTs (where the “T” stands for “Talent” not “Trash”)

Plan to Tax the Rich Could Aim at Nonresidents “Ultrawealthy nonresidents who own property in New York City certainly make a ripe target for potential revenue,” James B. Stewart writes in the Common Sense column in The New York Times. “People who spend fewer than half the year in New York City don’t pay any city income tax, even if they generate much of their fortune in the city.”

Meanwhile in the UK,

The government is reported to be considering a tax for overseas investors buying UK properties, in a move to stop house prices rushing out of reach of homebuyers.

Sky News claims that the chancellor, George Osborne, is “actively investigating” charging capital gains tax (CGT) when foreign buyers sell UK homes, in a move that will bring their taxation in line with UK citizens.

Currently, only UK citizens and residents pay the tax, which is charged on profits made from the sale of any property that is not the owner’s main home. Basic rate taxpayers pay 18% of the profits, while higher rate payers hand over 28%.

http://www.theguardian.com/money/2013/oct/31/george-osborne-capital-gains-tax-overseas-buyers

 

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