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Deloitte comments on plans to amend stamp duty for high value residential property

29 August 2012

Sean Randall, Deloitte tax director, said: “The initial proposals for the annual charge and changes to CGT are far-reaching and controversial. However, it’s probably premature to act upon the proposals until the draft legislation is published, expected in December this year. It is likely that these measures will not be enacted without significant changes, including a reduction in scope and new reliefs/exemptions, for example for businesses.

“Moreover, changing the territorial scope of CGT, as proposed, is not a shoe-in. There are many problems with it and the Government is being urged to drop the measure completely. Moving properties from corporate ownership to individual ownership (or ‘de-enveloping’) is likely to incur SDLT and CGT charges under the present legislation. Once the draft legislation is published, though, those affected may need to respond quickly. The proposed start date for the measures is April 2013.”

Ends

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In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities.

Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

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