In 2013 David Cameron introduced a special annual tax on all property purchases where the buyer is an offshore entity.
The idea was to discourage dodgy money being laundered via the London property market.
Did it work?
Of course not.
If you are a criminal buying a £20m pad in London, a tax of £220k odd (about the rate now) is hardly going to act as a deterrent.
“If you have people who own a £20m property and they have to pay £220,000 a year to stay private, it’s not enough to necessarily hurt you. It is a huge amount, but if you’ve got a property worth £20m it is not much in the grand scheme of things.”