Question
Do the new rules on stamp duty on property >£2M and new taxation and possible annual charges on companies holding property affect unit trusts and IT's specialising in property? If so are there any specific funds that might be especially affected by these additional charges?Answer
No. Stamp duty rates for non-residential property are unchanged, i.e. a top rate of 4% on properties over £500,000.
The other tax changes, namely a 15% tax on properties bought through companies, will also not apply to bona fide investment funds. It's intended to stop wealthy individuals holding UK property via offshore companies to avoid paying stamp duty.
So it's business as usual for commercial property unit trusts and REITs.
Do the new rules on stamp duty on property >£2M and new taxation and possible annual charges on companies holding property affect unit trusts and IT's specialising in property? If so are there any specific funds that might be especially affected by these additional charges?Answer
No. Stamp duty rates for non-residential property are unchanged, i.e. a top rate of 4% on properties over £500,000.
The other tax changes, namely a 15% tax on properties bought through companies, will also not apply to bona fide investment funds. It's intended to stop wealthy individuals holding UK property via offshore companies to avoid paying stamp duty.
So it's business as usual for commercial property unit trusts and REITs.
Read this Q and A at http://www.candidmoney.com/questions/question678.aspx
Avoiding stamp duty is a simple process.How to Avoid stamp duty is achieved by taking advantage of a tax loophole to avoid stamp duty. This loophole has surprisingly remained open for years and numerous home buyers take advantage of this by avoiding stamp duty on a monthly basis.
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