The British Chancellor is working on plans to charge capital gains tax on wealthy foreigners buying property in the UK, but the initiative could wind up affecting expats as well.
It has been reported that George Osborne is planning to announce that capital gains tax will be charged on British property sold by expats.
As it stands, non-residents are not liable to pay capital gains in the UK, a factor in attracting investors from abroad, including expats. But the Chancellor is reported to be about to change this. The planned rate of tax remains unknown, but could be the normal 28%.
The announcement is expected in the autumn statement due on 5 December, along with details of how the tax will work.
