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10 April 2012
MICHAEL RIPLEY takes a look at the proposals to tax high-priced homes
KEY POINTS
- SDLT schemes have brought tax avoidance centre stage.
- Higher charges for properties costing more than £2m and ‘non-natural persons’.
- Annual charges for companies and other changes.
- Non-resident non-natural persons to suffer UK tax on UK gains.
- A time for planning and unwinding current arrangements?
Residential property was placed at the heart of this year’s Budget. We were told that stamp duty land tax (SDLT) will be the means by which the super wealthy will make a larger contribution to national coffers.
Moreover SDLT has become the stage for a symbolic attack on ‘tax avoidance’ and an apparent shift towards taxing property rather than earnings. SDLT currently collects around £6bn per annum.
This had already been projected to rise significantly and taking into account the changes in...
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