Rumours of extending UK CGT on UK property to Non Residents

There is an extraordinary anomaly when it comes to the taxation of capital gains on UK property. This is because foreign investors are not subject to Capital Gains Tax at all, while UK resident individuals are. At first glance this seems unfair, and there have been recent articles in the press which suggest that George…

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Annual Tax on Enveloped Dwellings (ATED)

Taxation of High Value Residential Property  The Budget on 22nd March 2013 proposed a new annual charge and an extension of Capital Gains Tax to certain ‘non-natural persons’ owning residential property with a value in excess of £2 million, alongside an increase in the stamp duty land tax (“SDLT”) rates. Finance Act 2013 was granted…

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From 1st October all ATED returns must be submitted within 30 days of the date of acquisition

Are you or any of your clients buying a UK residential property via a non-natural person (e.g. trust or a company etc) for £2m plus?   If so be aware that from 1st October 2013 an ATED return and any tax due must be submitted and paid within 30 days of the date of acquisition. Those undeterred…

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