PreBudget report could boost overseas property sales

Alistair Darling's plan to increase tax rates for the UK's higher earners is likely to result in a growing number of people buying overseas property, it has been claimed.

Revealing his controversial pre-Budget report on Monday (November 24th), the chancellor announced that British residents with incomes in excess of £150,000 a year will face a new tax rate of 45%.

Shelter Offshore suggests that many high-earners will decide to move abroad, or at least purchase an easily-accessible property in another country, once the higher tax payments come into effect.

Claiming that "more often than not, the higher the earner the more dynamic and flexible the person", the property website states that many wealthy Britons will be tempted to investigate foreign property markets.

According to Treasury estimates, about 360,000 people in the UK will earn more than £150,000 a year by 2011.

Earlier this week, a survey from insurance firm RIAS revealed that a growing number of British retirees are looking for homes overseas.
 

Like this? Then share with your friends and colleagues!