‘Letters from HMRC are to be sent to those who own homes through British and offshore companies warning them that they could be liable for the new Annual Residential Property Tax.
The levy, set in four bands ranging from £15,000 to £140,000, will be charged on homes worth more than £2m according to their valuations in April last year.
HMRC will announce this week that those homes valued at £2m to £5m will have to pay £15,000 a year; those at £5m to £10m will be taxed at £35,000. For those with values of £10-£20m, the rate will be £70,000 a year.
Owners of any home worth above £20m will have to pay £140,000 a year. The levy, together with an increase in stamp duty to 15% for properties worth more than £2m, is expected to bring in an extra £230m over three years. From April 6, offshore companies owning properties will also be liable for CGT.’
Source: The Sunday Times