Draft Finance Bill 2013: Implications for high-value UK residential property
The publication last month of the draft clauses to be included in the Finance Bill 2013 due to come into force this April confirmed the measures proposed for the taxation of high value residential property in the 2012 Budget.
The new measures include: proposed relief from the 15% Stamp Duty Land Tax (SDLT) rate for genuine commercial landlords, property developers and certain other properties, to come into effect from July 2013;an Annual Residential Property Tax (ARPT) for certain non-natural persons (namely companies, partnerships with company members and collective investment schemes) that own high-value residential property; a new 28% Capital Gains Tax charge for non-resident, non-natural persons who own property valued at over £2 million; changes to the SDLT rules on transfers of rights (i.e. sub-sales) and certain lease arrangements…
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