High value residential property - where are we now?

The much anticipated draft legislation for the new rules on the taxation of UK high value residential property was published (in two parts) in December 2012 and January 2013. As discussed in some detail in our Autumn edition, these rules impose the following new charges on “non-natural persons” which acquire or hold residential property worth more than £2m:
  • a 15% rate of stamp duty land tax (SDLT) on acquisitions of such property;
  • an annual residential property tax (ARPT) ranging between £15,000 and £140,000 per year depending on the value of the property; and
  • a new capital gains tax (CGT) charge on gains arising on the disposal of the property by non-natural persons.

Read the entire article on Boodle Hatfield's website.