Finance Bill 2013: Taxation of high value residential property — Impact for businesses

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The draft Finance Bill published last week includes a number of provisions and changes in respect of the taxation of residential properties valued over £2 million (so called “high value” residential properties) which are acquired and owned by companies and certain other nonnatural persons.

These changes, which will generally take effect from either 1 April 2013 or Royal Assent to the Finance Act 2013 (typically given during the Summer) build upon the proposals announced in the Budget 2012 and consulted upon in the months thereafter.

The draft legislation includes provisions implementing the new annual charge for high value residential properties held by companies and other non-natural persons, the annual residential property tax…

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