Following the measures announced in the 2012 budget, the UK Government has published further details of their proposals for the taxation of residential property transactions.
Chancellor George Osborne has announced a consultation on the introduction of an annual property tax on residential properties worth £2m or more that are owned by companies and also proposed the introduction of capital gains tax on residential property owned by overseas companies.
Until now, information about these proposals has been sketchy. However, with the publication of the Consultation Paper we now know that the proposed capital gains and annual tax will apply only to residential properties worth more than £2m. These changes will come into effect in April 2013.
In this briefing, Collas Crill looks at the implications for owners and purchasers of UK high value residential property to consider.
Click 'View Briefing' to read more.