Expensive homes acquired by companies and other entities
Special rules have been introduced to target perceived avoidance by wealthy foreigners buying property through offshore companies. Although the rules are targeted at non-UK residents, it is important to appreciate that they apply also where a home is acquired, or is already owned, by a UK company. The rules do not apply to homes owned directly by individuals.
The rules apply to expensive homes acquired or owned by companies and other defined corporate type entities. An expensive home is one costing more than £500,000. The rules impose penal tax charges on the acquisition and an annual tax based on market value.