Thursday, July 9, 2015

London Property Set To Decline on Non-Dom Crackdown

News
In the quest to feed the insatiable appetite of socialism that plagues most Western economies, the British have announced a crackdown on "non-doms", or people who live in Britain but claim their permanent home abroad. George Osborne, the Chancellor of Britain, has abolished the indefinite non-dom tax status, changing the rules so that anyone who has lived here for 15 of the last 20 years is now officially taxed the same as any other Briton. This policy will force wealthy foreigners out of London and drive property prices lower as international and domestic supply overwhelms domestic only demand. London homebuilders and estate agent shares' sharp decline on the news, a reaction that could trigger a larger, more protracted decline, represents the free market's attempt to discount stupidity.

Headline: Property stocks are tanking after George Osborne's non-dom crackdown

Shares in house builders and estate agents are nosediving in London after Britain's Chancellor announced a shake-up of the tax system that could drive wealthy foreigners out of the property market.

Chancellor George Osborne just delivered the first Conservative Party budget in 18 years and one of the big announcements was a crackdown on so-called "non-doms" — people who live in Britain but claim their "permanent" home in abroad.


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