property industry

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UK property industry fears Chancellor will scare away super-rich buyers

LONDON | The British Property Federation issued a warning Thursday to Chancellor George Osborne ahead of possible Treasury action to close a stamp duty loophole through with foreign fortunes would be avoiding tax. The bill, according to official calculations, amounts to £1 billion, but UK’s property sector said that Osborne “must tread carefully with ‘super-rich’ stamp duty reform” and “tread lightly with any anti-avoidance intervention.” The BPF admitted there is a the…