Property News · February 12, 2017

Foreign billionaires in London choosing to rent to avoid stamp duty


Number of lettings costing more than £3,000 a week increased by 28% in the last three months of 2016, research showsForeign billionaires are renting rather than buying luxury homes following increases in tax bills on upmarket properties. Lettings that cost more than £3,000 a week – £156,000 a year – increased by 28% in the last three months of 2016, according to research by the property data service LonRes.The number of prime central London lettings has been steadily rising since the introduction in April 2016 of a 15% stamp duty tax on properties bought via offshore trusts, and a three percentage point surcharge on stamp duty on second homes. Continue reading…

Source : theguardian.com
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