Winckworth Sherwood

UK 200 2013 position: 94

Residential property taxation: Introducing the new Annual Residential Property Tax and extended Capital Gains Tax rules for ‘non-natural persons’

The Finance Bill 2013 was published on 11 December, along with the Government’s much awaited response to their consultation on “Ensuring the fair taxation of residential property transactions”. As anticipated, the Government has moved to introduce a new annual tax on high value properties held by certain ‘non-natural persons’ (NNPs) and additional capital gains tax (CGT) rules to ensure a “fair taxation of residential property”.

The new rules relating to the annual charge are laid out in full in the Finance Bill 2013 and, subject to amendment, will come into force on 1 April 2013.

The new CGT rules are provided in some detail in the Government’s response to the consultation; however, we will have to wait until the New Year for the draft legislation introducing these changes…

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