Make non-resident property owners pay CGT

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Make non-resident property owners pay CGT

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Capital Gains Tax only applies to UK residents. This creates the unfair situation of taxing those that invest and live here, while not taxing those who own property but never step foot here (or spend less than 90 days). We allow non-residents to drive up UK asset prices without extracting a penny from them in CGT. At the same time we tax the gains of our own citizens and UK-resident non-doms, who already contribute to the UK economy by living, working and paying other taxes here. Extending CGT to non-residents would bring four big benefits:

1) boost tax revenue without taking a penny out of the UK economy or adding to the electorate's tax burden.
2) not discourage people from coming here and creating wealth (unlike mooted non-dom taxes and mansion taxes).
3) dampen property price inflation afflicting those trying to live and work in the UK, particularly London, forcing long distance commuting, etc.
4) restore tax fairness between non-residents and those who live here.

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