Residential property taxation: Introducing the new Annual Residential Property Tax and extended Capital Gains Tax rules for ‘non-natural persons’
The Finance Bill 2013 was published on 11 December, along with the Government’s much awaited response to their consultation on “Ensuring the fair taxation of residential property transactions”. As anticipated, the Government has moved to introduce a new annual tax on high value properties held by certain ‘non-natural persons’ (NNPs) and additional capital gains tax (CGT) rules to ensure a “fair taxation of residential property”.
The new rules relating to the annual charge are laid out in full in the Finance Bill 2013 and, subject to amendment, will come into force on 1 April 2013.
The new CGT rules are provided in some detail in the Government’s response to the consultation; however, we will have to wait until the New Year for the draft legislation introducing these changes…
If you are registered and logged in to the site, click on the link below to read the rest of the Winckworth Sherwood briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.