On 31 May 2012 the government published a consultation document that set out its proposals for the introduction of an annual charge on high-value residential properties owned by certain “non-natural persons” and the extension of Capital Gains Tax (CGT) to disposals of high-value residential properties by non-natural persons who are non-UK residents. The government sees these measures, along with the new SDLT ‘enveloping charge’ (whereby non-natural person purchasers of high value residential property pay SDLT at the rate of 15%), as a package of counter avoidance in relation to high value residential property.

Briefing note – update on consultation on annual charge and CGT for residential property (September 2012)

Please speak to Susan Perry or Richard Monkcom of Druces LLP’s taxation team for more information.

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