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ARTICLE · 20 MARCH 2014

Switzerland UK Budget 2014 Analysis

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Despite the usual rumours, today’s UK Budget was, at least in tax terms, one of the more uneventful Budgets in recent years.

United KingdomTax
Justine Markovitz
Justine Markovitz
Judith Ingham
Judith Ingham
Lindsay Brown
Lindsay Brown
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No surprises, but some significant changes

Despite the usual rumours, today's UK Budget was, at least in tax terms, one of the more uneventful Budgets in recent years. Nevertheless, there were a few headline-grabbing announcements (including changes relating to pensions and the introduction of a new GBP1 coin) and also some significant announcements hidden in the fine print. We set out below the personal tax highlights which are primarily relevant in an international context.

UK real estate

ATED (annual tax on enveloped dwellings)

The ATED currently imposes an annual tax charge on residential property worth GBP2,000,000 or more which is 'enveloped' (i.e. held in a company). Today the Chancellor announced that the charge is to be extended to a broader range of residential property. As of April 2015, all enveloped residential properties worth GBP1,000,000-2,000,000 will be subject to the ATED, and from April 2016 the charge will be further extended

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