Publications that covered this story include the Financial Times on 23 November.
- Landmarks such as the Shard and Walkie Talkie are dependent on overseas funding
Mark Giddens, head of private client services in our London office, believes the announcement to force overseas investors to pay Capital Gains Tax on investments in UK commercial property could make it more difficult to finance landmark buildings and projects in the future.
Mark says: “Charging CGT on commercial property could make it much harder to fund major flagship buildings in the future.”
“Many landmark projects, such as the Shard and the Walkie Talkie buildings in London, have been primarily funded through overseas investors.”
“This measure will not be welcomed by investors in UK commercial property, and we would strongly urge the Chancellor to consider the impact on the wider economy before these measures come into effect.”
“Historically there had been no CGT charge on disposals of UK assets by non-residents, but since 2013 the Government has been steadily extending its scope.”
“Attracting overseas money into UK property has been vital in upgrading the UK’s real estate and infrastructure.”