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ARTICLE · 08 DECEMBER 2014

Asia UK Autumn Statement 2014

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In his Autumn Statement delivered on 3 December, the UK Chancellor announced several measures that will directly affect non-UK individuals who live or own property in or are considering moving to the UK.

United KingdomTax
Katie Graves
Katie Graves
Philip Munro
Philip Munro
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In his Autumn Statement delivered on 3 December, the UK Chancellor announced several measures that will directly affect non-UK individuals who live or own property in or are considering moving to the UK. Although in many cases the measures will mean that such individuals are liable to pay more tax in the UK than previously (whether on one-off transactions or on an ongoing basis) the UK remains an attractive place for individuals to settle with a tax regime that has many advantages.

Many of the changes focus on residential property which has now been targeted for increased tax by all of the political parties in the UK.

High value residential property - increased purchase costs

The Autumn Statement introduced a significant change to the Stamp Duty Land Tax ('SDLT') system for residential property. These changes came into effect at midnight on 3 December. SDLT is now payable at new rates on the portion of the purchase price falling within new set bands. This is a

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