"The revised Additional Buyer Stamp Duty measures are meant to moderate the demand for properties across all groups of buyers of properties, including Singapore citizens, Singapore permanent residents and foreigners, " a statement provided by a Ministry of Finance official said.

WSJ: Singapore Fee Stings Wealthy House Buyers��Except Americans

Even if all the tax they pay is VAT on expensive meals in London restaurants or stamp duty on flats in Mayfair, it is still additional income for Mr Brown.

ECONOMIST: London as a financial centre