Nigel Popplewell reviews the Budget changes, including the reduced thresholds for the ATED and 15% SDLT rate.
This article looks at some of the measures that affect real estate which were announced in last Wednesday’s Budget. It also reminds you of the changes mentioned in the Autumn Statement and finally deals with some proposals regarding consultations.
In my view the most significant Budget change is ‘to the taxation of high value UK residential property held by certain non-natural persons’.
This extends the three ‘fairness’ regimes (i.e. a 15% rate of SDLT on acquisition; ATED during ownership; and ATED-related CGT on exit) when a non-natural person or NNP (basically a company company in partnership or collective investment scheme) buys owns or sells high value residential property.
The high...
