This egregious tax loophole costs the UK £8bn every year. Let’s close it | Stella Creasy

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While British residents and companies have to pay tax on commercial property sales, foreigners don’t. This manifest unfairness must end

What if there actually is a magic money tree? A fair and reasonable way to raise cash? Halloween may be a time of ghosts and legends, but for the sake of our public finances it’s time we stopped pretending this is a mythical entity.

There is a country that taxes British residents, and British companies, when they make money on selling commercial real estate, but doesn’t tax foreigners. That country is the UK. Closing the tax loophole around non-UK companies and commercial property sales would level the playing field for British businesses and at the same time help tackle the overheated housing market. It would also generate substantial revenue – enough to cover the entire public health budget for a year, for example.

Taxpayers should be asking why their government turns a blind eye to anyone who holds UK property in offshore companies

Related: London's Walkie Talkie building sold for record-breaking £1.3bn

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view The Guardian: Money
#property
#tax havens
#tax avoidance
#capital gains tax
#corporate governance