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Home» Tax » Budget attack on high value dwellings held within offshore structures

Budget attack on high value dwellings held within offshore structures

Posted by admin - March 29, 2012 - Tax

Budget DayThe Government announced in its Budget on 21 March 2012 that high-value dwellings held within offshore structures will become subject to a more adverse UK tax regime:

  • The new rules will apply from April 2013
  • They will apply to dwellings valued at over £2 million
  • Ownership by a company, unit trust or partnership with a corporate partner will be caught
  • A high annual charge to tax will apply to these structures
  • Sales will be brought within the scope of capital gains tax
  • No changes are proposed to the inheritance tax benefits

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