High value UK residential property

News: March 2013

High value UK residential property

If a UK residential property worth over £2 million is owned by a limited company or certain other “non-natural persons”, there is the likelihood of suffering an annual stamp duty land tax charge (the amount varies depending on the property value but starts at £15,000). PLUS paying tax at a rate of 28% on the gain made on sale.

These double burdens are aimed at stopping people using a limited company in the first place, but there are some important new exemptions recently announced and a full review needs to be undertaken to work out the optimum action to take.