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New taxes hit UK residential property

In the Budget, the Chancellor stuck to his promise to come down like a “tonne of bricks” on wealthy individuals who are seen as not paying their fair share of SDLT by buying valuable residential property in corporate vehicles and eventually selling the shares in those corporate vehicles free of SDLT. The Finance Bill 2012 contains new SDLT rules and a new CGT charge to apply to disposals by non-UK resident owners other than individuals. This Tax Alert looks at the potential impact of these changes.

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