‘Carol Lewis looks at the Government’s plans for an Annual Residential Property Tax noting that for some property owners it is mansion tax in all but name.
The draft Finance Bill outlined an annual charge for owning a British property in a corporate structure (offshore or onshore), ranging from £15,000 a year for homes valued between £2m and £5m, and £140,000 for those valued at £20m or more.
In addition to the annual charges is the 15% stamp duty that was introduced in the Budget for properties held in corporate vehicles.
Ms Lewis notes that on top of this from April 2013 the Government is to set 28% CGT on profits accrued on property held in offshore accounts.’
Source: The Times, Bricks & Mortar Supplement