Andy Pyle said that “At first glance, the Budget does not appear to hold masses for the commercial real estate investor"
Andy Pyle, UK Head of Real Estate at KPMG UK, said:
“At first glance, the Budget does not appear to hold masses for the commercial real estate investor, but nestling alongside mentions of increased infrastructure spend and further attention being placed on technology, one measure stood out as being pivotal.
“From April 2019, non-residents will be taxed in the UK on their UK property investment gains. This is a real game changer, particularly given how much of the UK commercial property sector is owned by overseas investors – especially in London. In fact, reports suggest that 58% of real estate transactions this year have been the result of cross-border investors.”
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