Briefing

High value residential property Consultation published: What clients should do (or not do) now…

Posted by : Helen Reid | Date posted : 08/06/2012

Two of the major changes announced in the UK Government's 2012 Budget were a proposed annual charge (sometimes referred to as a "mansion tax") and, for the first time in the history of UK Capital Gains Tax (CGT), the extension of the current CGT regime to include certain non-UK residents.

The significance of these proposed changes is confirmed by the Consultation Document which was published on 31 May 2012. With further details of these proposals now available, in this briefing we consider:

  1. what these changes mean for clients holding (or planning to acquire) high value UK residential property, including a summary of the current SDLT regime; and
  2. what those clients will need to consider from a practical point of view before 1 April 2013.


If you would like further information on anything covered in this briefing please contact Helen Reid (helen.reid@farrer.co.uk), Nick Dunnell (nick.dunnell@farrer.co.uk), Edmund Fetherston-Dilke (edmund.fetherston-dilke@farrer.co.uk) or your usual contact at the firm on 020 3375 7000. 

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