Tory MP calls for wealth tax on overseas owners of UK properties

Conservative MP Kevin Hollinrake has suggested introducing a wealth tax on overseas owners of UK properties, arguing that the measure could be used to raise £5bn a year to help local people buy their first homes at reduced rates. Mr Hollinrake said during a Parliamentary debate that a 1% wealth tax on UK properties owned by non-resident foreign investors could potentially raise up to £5bn a year. “I would recommend that we put that £4bn or £5bn a year into the First Homes Programme, increasing the number of properties available to local, first-time buyers who are keen to get into the housing market,” he said. “That would ensure that those local people have a stake in our communities and are available for employers to do the very important work of making our communities sustainable.”

 

Yorkshire Post

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