Real estate professionals have told OPP Connect that Chancellor George Osborne should review double taxation treaties, tax empty London homes and revise Stamp Duty, but not impose a mansion tax
With the UK Budget taking place tomorrow, (Wednesday), property sector professionals have told OPP Connect what they want and don’t want Chancellor George Osborne to do.
Among the suggestions are reviewing double taxation treaties to overseas property owners are not penalised, taxing empty London properties, revising Stamp Duty and not imposing a Mansion Tax.
Louise Reynolds, Director of overseas property agency Property Venture®, a UK-based company which helps people buy or sell property abroad, which focuses on Europe and the Mediterranean. tells OPP Connect, “A timely review of double taxation treaties would not go amiss, as some of the more financially insecure countries like Spain, are adding more taxation measures to their armoury, which are hitting overseas home owners. Some of these newer taxation initiatives are not always recognised by HMRC, so cannot be offset against a UK tax bill, so adding to the cost of owning a home abroad.”
“The burden of personal taxation should be alleviated, to allow individuals more freedom to choose where to invest. Given interest rates have been incredibly …read more