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Osborne stamps on avoiders

‘The Chancellor has confirmed that annual charges of £140,000 and CGT will be levied on luxury homes owned by companies.

The FT says this is George Osborne’s “morally repugnant” stamp duty avoiders that are being targeted.

Stephanie McMahon of Strutt & Parker said that the clarity over the annual levy and CGT would boost activity while Lucian Cook of Savills welcomed the decision to create exemptions for legitimate corporate owners of residential property and said it would protect development and investment in the high-end housing market.’

Source: Financial Times

Myfanwy Neville

Partner, Property and Construction

T +44 (0)20 8922 9376
E myfanwy.neville@bkl.co.uk

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