Tax foreign non-resident ownership of property

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Tax foreign non-resident ownership of property

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Property prices particularly in central london are again rising rapidly, well above the ability of even skilled professional workers to afford them. This is driven by two factors: shortage of supply and secondly, but no less importantly, the foreign ownership of property as an investment. Currently around 3/4 of properties in London that cost above £1000/sq foot are bought by foreigners. A considerable number of foreign buyers are not actually resident in this country. I am proposing an annual levy of say £50 per square foot on companies and foreign citizens (in particular outside the EU) who own residential property in London and across the country, with a greater sum levied on those properties left unoccupied.

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