London authorities are thinking how to collect more taxes from foreign rich

As you know London is a world financial center. In addition, London is the world capital investment in residential property. In recent years, the size of foreign investment in the residential sector has increased so much that many players of the real estate market and members of the UK government are increasingly talking about the need to take measures restricting the purchase of real estate by foreigners.

Wealthy foreign investors have significantly contributed to the galloping inflation, ensure growth of property prices in London, according to various experts, from 25 to 30 percent last year alone, for the period January 2013-January 2014. Especially noticeable influence of foreign investors in the sector of expensive luxury real estate in Central London and a luxury super-expensive real estate.

For several years, immediately after the crisis of 2008 huge sums of money continues to pour into the sector of luxury real estate in Central London. This situation creates a significant imbalance in the housing market of London, when the sector of cheap housing prices almost not increased, in some parts of the UK are still experiencing falling prices, at the same time, in the sector of expensive real estate luxury prices almost doubled. So, in 2012, 85% of buyers on the most expensive streets of London were foreigners. Moreover, two-thirds of the purchases were made not for life, but only as investments.

While ordinary working families in London are suffering from difficult housing situation, unable to buy a residential property in property because of endlessly rising prices. Among the buyers from abroad are leading buyers from Singapore, Malaysia, Hong Kong, China, Russia and the Middle East. In connection with this problem and expresses a number of proposals aimed at restricting purchases of foreign investors. Among such proposals is to impose a tax on capital gains for foreign buyers. Britain is almost the only country in the world with such attractive investment climate where tax on capital gains not paid by foreign buyers. This factor, as well as the General and financial stability of the country, is an additional reason for attracting foreigners to London. The mayor of London Boris Johnson personally spoke to the Russian oligarch, owner of the football club “Chelsea” Roman Abramovich, which owns a huge 8-storey building cost £150 million for one of the most expensive streets of London – Knightsbridge, near the famous shop “Harrods”. In particular, Johnson noted that such of the rich as Abramovich and his girlfriend Daria Zhukova have to raise Council tax.

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® Alice Morgan G. 09.07.2014

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