Annual charge for high value residential properties and CGT for some non-UK residents18 June 2012The government is to launch a consultation on the introduction of an annual charge on residential properties valued over £2million owned by certain “non-natural persons”. In addition there will be proposals to extend the remit of Capital Gains Tax (CGT) to non-UK resident non-natural persons holding UK residential property. The annual charge would be self-assessed as part of an “annual charge tax return”. Properties valued between £2million and £5million would be charged £15,000 each year, with properties over £20million attracting a charge of £140,000. The government proposes publishing draft legislation for the Finance Bill 2013 in the autumn. |
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Chancery aims to add wealth through tax minimisation
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THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAXATION ADVICE AND ACCOUNTANCY PRACTICES.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAXATION ADVICE AND ACCOUNTANCY PRACTICES.