‘Non-natural’ UK residents disposing of high-value residential property after April 6th 2013 will face a new property tax, after the 2013 Budget sets out plans for them to pay capital gains tax at 28%.
The 28% rate will apply to gains that accrue on properties valued at more than £2 million from April 6th onwards, and will be enforced on ‘non-natural’ persons such as companies.
It is not the only property tax measure to impact non-naturals in the 2013 Budget; further reliefs are also planned on the 15% stamp duty rate applied to high-value residential properties when they are purchased by non-naturals.
Residential properties valued at over £2 million and owned by non-naturals are subject to a third property tax measure in the 2013 Budget, too.
This is the introduction of the Annual Tax on Enveloped Dwellings, an annual charge on such properties due to take effect from April 1st 2013; this does not include genuine commercial properties.
In combination, these measures could significantly impact non-naturals who own high-value properties in the UK, and our property accountants are ready to take any and all enquiries from those who feel they might be affected.
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