High-value residential property tax attack
In less than a month, two tax changes are coming into effect that are intended to make owning high-value residential property through companies less attractive. Although we do not yet have the final form of the legislation, the basic shape of the new rules is clear enough and serious consideration should now be given to unwinding these structures.
Last year saw the introduction of a 15 per cent rate of Stamp Duty Land Tax on companies acquiring residential property worth more than £2 million. Now these companies will also have to stump up an annual charge - the Annual Residential Property Tax (ARPT). This will be between £15,000 and £140,000 depending upon how much over £2 million the property is worth. There will then be a special capital gains tax (CGT) charge of 28 per cent on the sale of such properties but limited to the post-5 April 2013 gain…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
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.
News from Walker Morris
News from The Lawyer
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.