On 31 January 2013, the Government published draft legislation for inclusion in the Finance Bill 2013 which affects companies (whether UK resident or non UK resident), partnerships with at least one corporate partner and collective investment schemes (Non Natural Persons) owning an interest in UK residential property in excess of £2,000,000.
As from 6 April 2013, 28% UK Capital Gains Tax (ARPT CGT) will be payable if a Non Natural Person disposes of UK residential property in excess of £2,000,000 (High Value Disposals). Disposals include transfers for less than full market consideration and gifts. More…