Switzerland-UK Budget 2014 analysis

Despite the usual rumours, the UK Budget was, at least in tax terms, one of the more uneventful Budgets in recent years. Nevertheless, there were a few headline-grabbing announcements (including changes relating to pensions and the introduction of a new £1 coin) and also some significant announcements hidden in the fine print. Withers sets out below the personal tax highlights that are primarily relevant in an international context.

In UK real estate, the annual tax on enveloped dwellings (ATED) currently imposes an annual tax charge on residential property worth £2m or more that is ‘enveloped’ (i.e. held in a company). The chancellor has now announced that the charge is to be extended to a broader range of residential property. As of April 2015, all enveloped residential properties worth £1m–£2m will be subject to the ATED, and from April 2016 the charge will be further extended to residential properties in the £500,000–£1m price bracket.

More immediately, the 15 per cent rate of stamp duty land tax (SDLT) that applies to purchases of residential property by companies will be extended to properties worth £500,000 or more as of 20 May 2014…

Click on the link below to read the rest of the Withers briefing.

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Briefings from Withers

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    22 April 2014 marked ‘the largest reform of the family justice system any of us have seen or will see in our professional lifetimes’, according to the president of the Family Division.

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