UK:
Important Changes To UK Taxation Of Residential Property
15 December 2014
Charles Russell Speechlys LLP
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The announcement by the Chancellor of the Exchequer in his
Autumn Statement on 3 December 2014 of radical changes to the stamp
duty land tax (SDLT) regime, coupled with forthcoming extension of
capital gains tax (CGT) to disposals of residential property owned
by non-residents, and an increase in the rates of the annual tax on
enveloped dwellings (ATED), mean that those owning and thinking of
purchasing UK residential property need to consider more carefully
than ever the appropriate ownership structure from a UK tax
perspective.
The extension of the CGT regime to non-UK residents, and the
increase in ATED rates, builds on legislation which has been
introduced over the last three years, the object of which has been
to discourage the ownership of UK residential property intended for
owner occupation through offshore structures.
To read the full briefing, please click
here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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