Osborne to tackle tax avoidance with stamp duty hike
Chancellor George Osborne has announced a series of measure to tackle tax avoidance.
There will be a new rate of stamp duty of 15 per cent on properties worth over £500,000 purchased through companies, the 15 per cent had previously been applied to properties valued ar £2m or more.
Chartered accountants HW Fischer & Company, commented:
Few will shed tears for the wealthy foreign buyers of British property who could suddenly face a 15% rate of Stamp Duty.
But the Chancellor’s decision to close this tax loophole is more about levelling the playing field than boosting the tax take. Foreign buyers will no longer enjoy big tax advantages if they buy through a company rather than as an individual.
HW Fischer don't believe that this will have a significant impact on the London property market.
Read our full summary of the budget here.