+44(0)20 7638 9271

Residential Property Tax Update: Autumn Statement 2012

The Chancellor made his Autumn Statement on Wednesday 5 December 2012, but as is so often the case the real interest lies in what has not yet been made public. The legislation to implement changes announced in the Autumn Statement and in the Budget earlier this year is due to be published next week. In the meantime, as regards the proposed annual charges on high value residential properties owned by non-natural persons (such as companies) and the changes to Capital Gains Tax in relation to non-UK residents owning UK property, we have the following clue from George Osborne:

We’ve already raised stamp duty on multi-million pound homes and next week publish the legislation to stop the richest avoiding stamp duty. But we won’t introduce a new tax on property.

For more information on tax issues, please speak to Richard Monkcom of Druces LLP’s tax team.