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For decades, the UK has welcomed overseas investors with interests in residential and commercial properties with its benign tax regime. Admittedly there had been a few mildly irritating snags: an increasingly high stamp duty land tax (SDLT), unavoidable taxation of rental income, and inheritance tax issues. These may have been mitigated with the help of foreign property owning companies and various debt instruments, whose costs were dwarfed by the ensuing benefits. However, the main advantage lay in the absence of taxation associated with ownership and disposal of UK real estate by non-residents.
My summary contains some wide generalisations and covers the residential market, in particular prime London in more detail than the commercial sector. We have in the past 18 months and, in particular after the significant stamp duty changes from the autumn statement in December 2014, seen the prime housing markets across the UK fall in value. The referendum vote has added further caution across all the prime London residential markets.
On 29 June 2016 the negotiations for a double tax agreement between Cyprus and India were successfully concluded in New Delhi, for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion pertaining to taxes on income between the two countries, as confirmed by the Finance Ministry, with Cyprus accepting the proposed changes regarding capital gains and taxation, as set by the Indian government and the agreement is expected to be signed over the next couple of months.
18 Nov 2016
19 Nov 2015
19 Nov 2014