Britain To Impose New Tax On Overseas Property Investors

Law360, New York (December 6, 2013, 6:38 PM EST) -- Gains made off the sale of residential property in Britain by investors who live outside of the country will be subject to a new tax beginning in 2015, Chancellor of the Exchequer George Osborne said Thursday in a speech to parliament.

`The new capital gains tax on property owners living outside of the U.K. was one of several initiatives Osborne announced during the annual autumn statement in London. Osborne also said the British government will introduce legislation combating the use of overseas shell companies to skirt employment...
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