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.”
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