Osborne unveils property measuresThe Chancellor has set out plans to target property tycoons whose profits are shifted to tax shelters such as Guernsey and Jersey to avoid full UK tax, with HMRC launching a task force to crack down on offshore property developers. It will target anyone based outside the UK trading in and developing property, rather than those who buy houses for a long-term investment. Other measures announced in the Budget include an overhaul of commercial stamp duty, with the introduction of a “slice” system. Large-scale professional landlords will face a three percentage point stamp duty surcharge when buying rental properties, after George Osborne rejected proposals for an exemption for bigger investors. The Chancellor also confirmed that the higher rate of capital gains tax will be cut from 28% to 20% this April.
JPHLAW Solicitors Portadown , Prooerty and Commercial Solicitors
