Autumn Statement: response on tax policy
The Lord Chancellor has announced that property investors from overseas will be subject to the same capital gains tax regime as UK residents.
Any profit made by overseas investors when selling a property in the UK will now be taxed in the same way as property profits made by domestic tax payers.
Law Society chief executive Desmond Hudson said:
'The Law Society recognises that many will welcome a clear and consistent approach to this aspect of tax law.
'The intended changes raise serious practical issues. We are keen to work with HMRC on behalf of solicitors, who could be central to the administration of these new proposals. We want to help in the design of a sensible and practical scheme that avoids placing burdens on the house buying and selling process or solicitors.
'It would be unfortunate if ordinary house buyers were caught up in any additional expense or work. Law firms are well placed to advise in this area of tax and, of course, the conveyancing, and we will be doing all we can to assist our members to seize any business opportunities that emerge.'
