UK and International Tax news
High Value Residential Property – HMRC Guidance
Tuesday 19th March 2013
In January 2013, the Government published revised and augmented draft legislation for the Annual Residential Property Tax (ARPT) on certain non natural persons (NNPs) including corporate and other entities owning high-value interests in residential dwellings and also for the related reliefs therefrom and from the 15% rate of SDLT.
The Government also published draft legislation to introduce a capital gains tax (CGT) charge payable by certain NNPs when they dispose of interests in high value residential property in the UK on or after 6 April 2013.
HMRC has now issued guidance on the application of the new ARPT from April 2013. The guidance covers the application of ARPT to dwellings and properties of mixed use, property valuation, pre return banding checks, ARPT returns and payment, and reliefs from ARPT.
For further information on HMRC’s guidance, please contact Keith Rushen on 0207 486 2378.Contact Us