Overseas Home Owners
This Assembly welcomes proposals to introduce Capital Gains Tax for overseas investors in residential property and encourages the government to deliver this measure in its Autumn Statement. This would deliver parity between domestic and overseas buyers, ending the current situation whereby UK-residents are effectively penalised compared to non-residents.
Overseas investment contributes to Londoners being priced out of their city and results in many homes being left empty at a time of acute housing crisis. This Assembly therefore believes the government should go further and deter this practice in London, not just create parity between domestic and non-resident buyers. However, we again request that the Mayor commissions research into the impact of overseas investment on London’s housing market so that future policy decisions can be based on evidence.