Deemed-domicile reforms back on track
The revised Finance (No.2) Bill 2017 will be published today (Friday 8 September), resurrecting most of the budgetary tax clauses that were dropped in the parliamentary wash-up just before the May general election. A summary of the clauses is already available. At least 34 of them will take effect retrospectively from 6 April 2017 or earlier, including the deemed-domicile reforms for non-doms.
Chinese buyers increase focus on London property market
According to an article in Financial Times, Chinese investors have increased their focus on London’s property market, partly because of the fall in the pound and partly because there are signs of an end to China’s own property bubble.
Sales of homes in the capital’s most exclusive areas to Chinese buyers have risen since the Brexit vote, while investment into commercial property from China is on track to grow this year, even as other investors draw back.
“The British currency is at a 30-year low; the Chinese housing market is at a 25-year high. Why look any further?” said Terry Li, a project director for Beijing-based CY Infotech and owner of a home in Kensington, west London.
(opens in new window)
Financial Focus Newsletter
Our brand new Financial Focus Newsletter is out and talks about:
- Brexit - what are the implications
- Inheritance Tax
- Risk management