Clegg tax raid on foreign millionaires' house deals: Deputy PM says rich will no longer have immunity from capital gain tax when they sell their home Deputy Prime Minister revealed Chancellor George Osborne is considering imposing Capital Gains Tax on foreign oligarchs British homeowners are only exempt from the levy on their main property Basic rate taxpayers pay 18 per cent and higher rate payers pay 28 per cent The Deputy Prime Minister revealed Chancellor George Osborne is actively considering imposing Capital Gains Tax on foreign oligarchs Foreigners blamed for inflating the London property market are set to be hit with new tax raid, Nick Clegg indicated yesterday. The Deputy Prime Minister revealed Chancellor George Osborne is actively considering imposing Capital Gains Tax on foreign oligarchs, who are currently exempt from the charge when they sell a home in the UK. British homeowners are only exempt from the levy on their main property. Basic rate taxpayers pay 18 per cent, while higher rate payers pay 28 per cent. Mr Clegg said foreign millionaires should prepare to pay more since they are fuelling a housing boom which is pricing British customers out of the market in large parts of the capital. He said: "We certainly need to make sure that people who invest very large amounts of money into property in central London locations, which more often than not then stand empty, pay their fair share of tax in those transactions. That's why we are looking at things like a differential application of capital gains tax to those transactions. Blaming foreign investors for the house price boom, the deputy Prime Minister added: "There are parts of the London property market which are entirely divorced, dislocated, from the rest of the economy, certainly the rest of London's economy, and still more from the rest of the nation's economy. That's partly because they are driven by market forces which are global. Mr Clegg said "decisions have not yet been made" about changing the rules on Capital Gains Tax. But senior coalition sources say the plans are highly likely to be unveiled in the Autumn Statement next month. Another option would be for Mr Osborne to increase the rate of stamp duty charged on the sale of expensive properties. Last year, he increased to 7 per cent the stamp duty charged on the purchase of homes worth more than £2m and closed down loopholes that allowed buyers to avoid stamp duty by putting their homes into corporate 'envelopes'. Mr Osborne was willing to do a deal on a Mansion Tax, but David Cameron has repeatedly blocked it to avoid upsetting rich Tory donors The chancellor needs cash to fund two party conference spending commitments: the Tory plans for a marriage tax allowance, which costs £600m and a Lib Dem promise to give free school meals to all infants. Treasury and Lib Dem sources say the CGT move is "not a huge revenue raiser" but it is seen as a low risk move that will show voters the coalition is serious about making the rich pay and levelling the playing field between British and foreign investors. Mr Clegg again repeated calls for new property taxes and made clear that the Lib Dems will continue to argue for a Mansion tax on properties worth £2m or more or new Council Tax bands on high value properties. But his aides conceded there is little prospect of convincing senior Tories to back the plans. Mr Osborne was willing to do a deal on a Mansion Tax, but David Cameron has repeatedly blocked it to avoid upsetting rich Tory donors. "They have set their faces against it," the Lib Dem said. Does anyone think it's reasonable that if you live in a family home worth £700,000 in Lewisham you're paying the same council tax as a millionaire in a £40 million mansion? "We have a significant number of property taxes but for reasons of history and accident, or downright prejudice on the part of my Conservative colleagues, who simply don't want to ask people in very high value properties to pay a bit of extra, we're saying to hard pressed families: "You have to pay property tax but someone in a multimillion pound mansion down the road doesn't." That strikes me as unfair. Treasury sources refused to comment on "speculation about the Autumn statement" but pointed out that the Chancellor has "already taken action in this area."