Thursday, April 15, 2010

I have been property-hunting recently; apart from the fact that - as a single buyer - I can't really afford all that many properties in the areas I prefer to live in. True, I could move further away from central London, but I love the area, and being a non-driver and a non-cyclist still, the location really does matter (yes, even if the savings on price are substantial enough to pay for cabs for the next six years).

However, with the upcoming elections and no clear indicator as to which way parliament will swing, I find myself facing issues I never really thought about until recently.

What happens to me if the Conservatives (and, heck, probably the other two parties) do introduce a limit on the number of skilled migrants from non-EU countries? In addition to that, What happens if the capital gains tax rate is increased, and the allowance cut (to 50% from 18.2%, and to £1,000 from £10,800 as per the Liberal Democrats'proposal)?

Will I find myself in a situation whereby I am forced to leave the UK after having just taken out a mortgage in the UK to purchase a property? Will I then have defaulted on the loan, and have my purchase repossessed? Even if I could keep it, and find that I have to sell it, but make virtually no profit on it whatsoever because it's a forced sale, and I have to pay 50% of any gain over to the state?

I don't want to have to wait till after the election to decide whether I should purchase a property. Even then, it may not be clear what stance the new government will take. And, as an eligible voter, while I acknowledge that all three parties' plans for the economy don't add up, my vote will be decided by whichever party is going to be the one most likely to let me remain here... and right now, none of the parties will!

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