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What are the changes on UK properties over £2m held by any offshore structure in as far as UK tax is concerned.

What are the changes on UK properties over £2 million held by any offshore structure in as far as UK tax is concerned and How should non doms own over £2million UK Residential property post the 2012 Budget?

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    Thanks for your question.
    Please our response below.
    Changes from April 2013 on UK properties over £2m held by any offshore structure
    Stamp Duty Land Tax (SDLT) was increased from 5% to 7% on the purchase of residential properties in excess of £2 million. Also introduced was a new rate of 15% payable on acquisition of such properties held by “non-natural persons” –corporates, partnerships etc.
    From 1 April 2013, an Annual Charge will be applied to high value properties (over £2,000,000) which are held by non-natural persons from £15,000 to £140,000 as shown below:

    Property value

    £2m-£5m

    £5m – £10m

    £10m – £20m

    £20m +

    Annual charge

    £15,000

    £35,000

    £70,000

    £140,000

    Historically the CGT levy has been residence based and non-UK residents have not been liable for this tax. The proposals outlined in the 2012 Budget would extend the CGT regime to apply to non-resident non-natural persons. The provisions wi

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