New UK property taxation rules
The UK government announced proposals in its 2012 Budget to introduce new tax charges for high-value residential properties and for properties owned by ‘non-natural persons’.
Only last month (December 2012) did the Government publish the proposed draft legislation for the new “Annual Residential Property Tax (ARPT)” and despite the fact that both this new tax and the new Capital Gains Tax (CGT) charge (for non-resident, “non-natural” persons disposing of UK property where the proceeds exceed £2,000,000) will take effect from April 2013, we have still not seen any draft legislation for the extension to the charge to CGT. It is understood that will not be available until “early 2013”.
Accordingly, there is very little time indeed within which to review and consider any necessary re-organisation of existing structures.
We set out below a short summary of the draft legislation for the Annual Residential Property Tax and what we understand are the current proposals for Capital Gains Tax…
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