Thousands of Britons living abroad face being caught up in a tax raid on wealthy foreigners buying and selling property in the UK.
George Osborne, the Chancellor, is preparing to announce that capital gains tax will be charged on British property sold by overseas nationals and expats.
The Coalition plan was disclosed by Nick Clegg, the Deputy Prime Minister, who said that the proposals would ensure that wealthy foreigners who buy and sell British property “pay their fair share”.
However, it is understood that Mr Clegg’s plan would also apply to British people living abroad and who are classed as non-residents here, but still own property in the UK.
Approximately five million Britons live abroad. It is not known how many of these still own a property here and are non-resident.