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Alexander Leon
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my expertise in the industry

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Alexander Leon

From: Alexander Leon 27 February 2019 09:41 AM

Alexander Leon

From: Alexander Leon 19 February 2019 13:34 PM

Alexander Leon
I would like to add to Toby's comments as to the reasons why the Prime Central London market is in the doldrums. Added to Brexit and SDLT are the implications of no tax relief on buy-to-let investments, killing off those who might have put their pension in bricks and mortar. Mortgage interest tax relief will gradually be cut back to 20% between 2017 and 2020. So after paying fees and service charges it has become a near pointless exercise. Another case of the government attacking pensions. As for when you die, they want another 40% and in the case of Prime Central London property, foreigners domicile has now been reduced to 15 years from 17, which whilst only a difference of two years has added another reason to stay away. The government is losing 20% (VAT) on every single transaction connected to the sale of a property in Central London and as trades are down 75% that is not insignificant. The changes to domicile law will affect investors in other ways, too. Currently, foreign nationals in the UK are not required to pay tax based on their foreign assets for their first five years living here. During this period of time, they are described as being ‘on remittance’. Foreign nationals can choose to remain ‘on remittance’ after the initial five year period, but they are required to pay an annual fee to HMRC in order to do so. However, remittance can only continue until the individual has achieved domicile status – which, as mentioned, will now occur after living in the UK for 15 of the last 20 tax years, as opposed to the last 17 of 20. Again, this will affect foreign nationals living in the UK who are yet to become domicile, but could do so in the future. So that pretty much sums up the government attacking the hand that feeds this London economy, and explains why foreign investors are investing elsewhere.

From: Alexander Leon 12 April 2018 12:28 PM

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