Categories:Real Estate,Tax,UK

Autumn Statement 2013

By Lara Murrell

Chancellor George Osborne delivered his Autumn Statement on 5 December 2013. While some of the policies had already been widely predicted, there were some surprises in the package announced. We set out a summary of the key policies that were announced:

As predicted, the chancellor introduced a Capital Gains Tax (CGT) charge on future gains for foreign owners of residential property in the UK from April 2015. The tax will be applicable on gains post 5 April 2015. It is not clear whether this charge is intended to apply solely to individuals or extend to companies and other non-natural persons as the latter are subject to the annual charge on UK property following the introduction of the Annual Tax on Enveloped Dwellings from 6 April 2013.

Clarity on these points will, we hope, be addressed through the consultation on how best to introduce the new CGT charge to be published in early 2014…

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