"This follows the UN Security Council Resolution tabled by the UK and France," Osborne said in a statement. "I decided to implement this UN resolution in the UK as quickly as possible, before the financial markets reopened.
This is a strong message for the Libyan regime that violence against its own people is not acceptable," he said. The statement also warned financial institutions that the treasury would monitor compliance "rigorously".
According to reports, Gaddafi's British assets include bank accounts, commercial property and a 10 million-pound London home.
It also called for an immediate arms embargo against Libya, where the United Nations says more than 1,000 people have been killed in attacks blamed on Gaddafi loyalists.
For the latest News & Live Updates on Election Results from each assembly constituency in Madhya Pradesh, Rajasthan, Mizoram, Chhattisgarh, Telangana, like us on Facebook or follow us on Twitter for updates.