Osborne to Levy Capital-Gains Tax on Home Sales by Non-Residents

People living outside the U.K. will have to start paying capital gains tax on home sales starting in April 2015 as the government seeks to raise revenue and avert unsustainable increases in London property prices.

“This appears to be a response to the overheating U.K. residential property market and the perception that foreign investors are taking advantage of the cheap pound and driving up prices,” said Sebastian Daly, head of real estate tax at law firm Eversheds LLP.