In today’s Budget, George Osborne announced a 15% Stamp Duty levy for foreign companies buying UK homes worth more than £500,000.

Toby Ryland, corporate tax partner at chartered accountants HW Fisher & Company, said: “Few will shed tears for the wealthy foreign buyers of British property who could suddenly face a 15% rate of Stamp Duty.

“But the Chancellor’s decision to close this tax loophole is more about levelling the playing field than boosting the tax take. Foreign buyers will no longer enjoy big tax advantages if they buy through a company rather than as an individual.

“Don’t expect the overheating London property market to miss a beat, but these new measures may encourage developers to sell more properties to UK buyers rather than overseas investors.”