Our response to HMRC’s Residential Property Consultation August 2012

View this in PDF form here. 1. Introduction 1.1. Mark Davies & Associates Limited (MDA) is pleased to be able to comment on the consultation document (condoc) titled ‘Ensuring the Fair Taxation of Residential Property Transactions’ issued in May 2012. 1.2. As a firm of professional tax advisors we are hugely troubled by the tone…

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The Taxation of Residential Property July 2012

July 2012 The Budget 2012 saw the Chancellor announce a raft of measures targeted at tax avoidance on valuable residential properties. We had a new 7% rate introduced for residential properties worth over £2 million and a new super rate of 15% for any such properties “enveloped” by non natural persons. Despite the rhetoric about…

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Budget 2012 – Residential Property Ownership

These days the Budget seldom seems to pass without at least one sacrificial lamb offered up to appease the masses. In the past few years we’ve had attacks on non domiciliaries and high earners (read bankers). This year it was the turn of Stamp Duty Land Tax (“SDLT”). Media reports on SDLT avoidance techniques rose…

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Budget 2012

21 March 2012 Tax rates and allowances There is particularly good news for those currently paying tax at the additional rate of 50%. The Government has  acknowledged that this rate is potentially damaging to the attractiveness of the UK ‘particularly as a significant number of those affected by the additional rate are internationally mobile’. Accordingly, with…

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Draft Finance Bill 2012

The Draft Finance Bill 2012 was published on 6 December following the Chancellor’s Autumn Statement. For most non-doms the draft clauses signal good news, namely the simplification to their taxation as proposed in June 2011. However, on the downside, the delay to the long anticipated statutory residence test and the proposals to clamp down on…

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Reform of the taxation of non-domiciled individuals

On Friday 17th June HM Treasury released a consultation document on the proposed changes to the tax regime for personals not domiciled in the UK (“nondoms”). Aside from the previously published increase in the remittance basis charge to £50,000 per annum for those longer term UK residents (persons resident in 12 out of the previous…

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