Details of the new property tax in UK

Details of the new property tax in UK

The new annual tax on residential property (ARPT) will be charged inUKon1 April 2013. It will be distributed to the objects worth more than £ 2 million, which belong to certain entities (NNPs).

The tax will be £ 15 000 on property worth 2-2,5 million pounds, £ 35 000 - housing costs 5-10 million pounds. £ 70 000 will have to pay the legal entity that owns real estate in the amount of 10-20 million pounds. New tax will hit hardly the wallet owner cost over 20 million pounds. He will pay £ 140 000.

Thus, the British government will fight against tax evasion. In addition to tax ARPT, there is a 15% stamp duty land tax (SDLT). But you have ability to avoid high taxes. Residential real estate, which is rented, will be subject to only 7% SDLT and released from ARPT.

Changes in taxation will bring large income to the treasury in 2013. According to Strutt & Parker, only four ofLondoncan collect taxes in the amount of 656 million pounds per year.