Property Purchase Tax in UK Relatively Low

Property Purchase Tax in UK Relatively Low

1 year ago 1 0 584

While Europe levies some of the highest property purchase taxes in the world, the UK has a relatively low property purchase tax. Europe levies some of the highest taxes on the purchase of prime property, charging an average 4% in taxes on a purchase of US$1 million (equivalent £765,000), according to a new study released by UHY, an international accounting and consultancy network. UHY says that major European economies including France (5.1%), Germany (5.0%), and Spain (8%) levy high property purchase taxes, while Belgium ranks the highest at a whopping 11.3% for real estate worth £765,000. The United Kingdom, meanwhile, sports a relatively low property purchase tax at 3.5%. UK’s property purchase tax is lower than the European average (3.8%) and higher than the global average by only 0.2%. UK’s property purchase tax is also lower than Australia (4.8%), Pakistan (6.0%), India (5.0%) and Croatia (5.0%). The low property purchase tax is a blessing for high-performing

Read more

Brexit: UK Property Outlook

1 year ago 0 1 1414

In a surprisingly historic and shocking move, the United Kingdom (UK) voted to leave the European Union (EU) on June 23rd, throwing the global community and stock markets into a furor. But what next? How will Brexit impact the economic and political climate? As expected, plenty of conjecture has surfaced through the cracks. Our research team at Cornerstone International Properties cuts through the noise of speculation and presents an unbiased view of what the future holds for the UK economy and residential property market. Political and financial uncertainty is affirmative, but nothing drastic as the world waits for Article 50 to kick off As we had correctly predicted in our Brexit FAQ published before the Referendum, Brexit has caused uncertainty, resulting in a tumble in the pound. The housing market has slowed down, but not at any rate worth panicking over. With David Cameron’s resignation, Theresa May has been elected into office as new Prime Minister. Only

Read more

Construction Update | RIMA, Brunswick East, Melbourne

1 year ago 0 0 1055

We are pleased to share that the developer of RIMA apartments in Brunswick East, Melbourne has announced the appointment of their builder as well as commencement date of the development. Located on 22 Lygon Street, RIMA is surrounded by some of the most popular retail institutions, watering holes and eateries in the city. It is in perfect proximity to two of Australia’s finest universities – the University of Melbourne and RMIT University, Brunswick. Everything is a tram or bus ride way! Design-wise, RIMA is a polished ensemble of clean lines, steel and glass, whilst the interiors offer spectacular views, well-configured and seamless spaces and abundant natural lighting. RIMA’s rooftop club is a fabulous hideaway from the hectic Brunswick and Lygon pace, complete with a terrace lounge with open fire place, dining area with barbecue, teppanyaki grill, bar and a cosy outdoor cinema – surrounded by uninterrupted views of the city;

Read more