'Tax to Tackle London Bubble'

George Osborne is considering slapping new taxes on foreign property investors in an effort to tackle what many see as a house price bubble in London and the South East. The Chancellor is actively investigating imposing capital gains tax on foreign owners of British property at the Autumn Statement in December. The Treasury has already provisionally costed the measures and is awaiting a final decision from Mr Osborne in the coming weeks. While those living in Britain have to pay capital gains tax (CGT) of 18% or, more commonly, 28%, if they make a profit when reselling all but their main home, non-resident property owners are currently exempt for all their properties. Read more on Sky News.