There isn’t any denying that the trials and tribulations from the UK, European and Global economies in recent years have had a harmful impact on the overall property market in britain plus the market for overseas buyers. There’ve already been changes in the tax laws governing UK property ownership which changes specifically affect non-British property owners. Despite these factors, London remains a preferred location for international investors to purchase property but what has actually changed in recent years and just how will affecting the desirability of investing in the prime central London property market in the a long time?
International buyers from Russia, China, Japan and the USA could be high net worth those who are ready to pay reduced (whether in property prices or even in taxes and fees due) to be able to own a home in London. That isn’t to express that they can not have access to a highly planned tax plan to be able to minimise their liability to tax in britain but it will not be a deterrent to owning property there. Minimising tax liability is a component from the tax planning of companies from small one-man bands to major enterprises and high net worth individuals same not be something new to anyone considering investing in the Dr Paul Dougan.
Overseas individuals buying prime UK property worth ?Two million or maybe more in their own personal name are at the mercy of Stamp Duty Land Tax (SDLT) at a rate of 7% however, if the same rentals are bought with an offshore company, in which the name of the baby may be anonymous, then the rate of Stamp Duty Land Tax (SDLT) greater than doubles to 15%. Those who are not British citizens will also be likely to other taxes when owning a UK property such as the Annual Residents Property Tax (ARPT), although not applicable to real estate investors who aren’t residing in their property. There’s also a liability for Capital Gains Tax (CGT) to be considered when the rentals are subsequently sold, that isn’t relevant to British buyers’ main residence. Prime London property continues to rise in value so CGT is a major consideration for just about any property investment in great britain by overseas buyers or UK nationals.
But how will the prime London market equate to other countries with regards to property investment for overseas buyers? Well, it really is broadly much like some Countries in europe and to the united states as well as in countries in which the tax regime is more favourable, those countries don’t provide you with the benefit of owning a house in London using its cultural highlights and political stability.
Great britain property market may be changing on the face than it but ultimately London will usually attract the wealthy overseas buyer and figures suggest there’s no need to doubt that it is popularity is not going to continue. High net worth men and women often be attracted to britain’s capital city and the cachet of owning a property here. The majority are now even able to secure large mortgages through specialist London mortgage brokers.
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