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The typical workaround in UK is that instead of selling the house, the corporation that directly or or directly owns it is sold instead, usually on a tax haven
by gpderetta 5y ago
The typical workaround in UK is that instead of selling the house, the corporation that directly or or directly owns it is sold instead, usually on a tax haven.
- a_c 5y agoUK property prices surged a lot in the past year, especially in smaller cities. I wonder if the UK government is going to do something about it
- mdpye 5y agoMy guess would be yes. They will pour more fuel on to the fire...
- kmlx 5y agothe only solution is to take away home owners rights to contest planning permissions and massively overhaul planning. they tried doing this with wind turbines and it was shelved the next day because nimby’s didn’t want wind turbines.
- tablespoon 5y ago> The typical workaround in UK is that instead of selling the house, the corporation that directly or or directly owns it is sold instead, usually on a tax haven. Couldn't that be addressed by regulating based on the beneficiary owners, rather than whatever legal entity is the technical owner, and having onerous penalties (e.g. forfeiture) if the beneficiary owner is misreported or obscured?
- Tiktaalik 5y agoThe British Columbian government is working on a Beneficial Owners Registry that would attempt to address this issue, though there was a recent article that suggested the registry was struggling to get set up. It's a tough problem.