Draft Finance Bill 2013 and high value residential property structures
The government has published draft clauses from the Finance Bill 2013 for consultation. It has also published explanatory notes, tax information and impact notes as well as other documents relating to the legislation.
View the draft clauses and related documents
The government has also confirmed that proposals relating to high value residential property structures will come into force in April 2013.
The new measures include:
- Proposed relief from the 15 per cent Stamp Duty Land Tax (SDLT) rate for genuine commercial landlords, property developers and certain other properties, to come into effect from July 2013.
- An annual residential property tax for certain non-natural persons who own property valued at over £2m.
- A new 28 per cent capital gains tax charge for non-resident non-natural persons that own high value residential property.
- Changes to the SDLT rules on transfers of rights ('subsales') and certain lease arrangements.
Finally, the government has published its summary of responses (PDF 312kb) to HM Treasury's consultation on ensuring the fair taxation of residential property. Following the consultation, the government is considering extending capital gains tax to disposals of high-value residential property by UK non-natural persons that fall within the scope of the annual property residential tax. The government would welcome views on this proposal by 18 January 2013. Comments can be emailed to: email@example.com