Natalie Coope and Natasha Kaye review the draft property business reliefs in respect of the new taxes on high-value residential property.
The anti-avoidance measures contained in the draft Finance Bill 2013 provisions (summarised in Figure 1) are expressly intended to discourage individuals from holding single dwellings worth more than £2m indirectly via companies partnerships with corporate members or other collective investment structures including unit trusts (collectively known as ‘non-natural persons’) that enable such properties to be sold free from SDLT by selling shares (or other interests) in the property owning vehicle. For further details of these measures see the article ‘FB 2013: The residential property proposals’ (Robert Langston) Tax...
