Deloitte Real Estate’s Matthew Lodge assesses the market’s reaction to tax charges on high-value residential property.
On 31 January draft Capital Gains Tax (CGT) legislation was published. In conjunction with the proposed Annual Residential Property Tax (ARPT), this legislation will come into force in April 2013. Further amendments to the Stamp Duty Land Tax (SDLT) regime will come into force on Royal Assent to the Finance Bill 2013. These changes come in the wake of the 2012 Budget introduction of the 7% / 15% SDLT rates and, combined, represent a step change in the tax treatment of high-value (£2m+) residential properties.