Foreign property investors will not suffer from the impact of Capital Gains Tax introduced in the Chancellor’s Autumn Statement, due to kick in April 2015.
According to analysis from Currencies Direct, overseas buyers will massively benefit from currency exchange rates when selling an asset like housing. Apparently, most property owners come from the Far East, Russia and the MiddleEast and are more likely to profit from foreign exchange gains when selling property.
With the London property market set to boom in the long term, putting money into housing can seem the best option for those with a lot of capital – and the new CGT levy is unlikely to deter them.
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