Taxes : reductions for tax residents in the UK

Veedushi Team

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VeedushiTeam01 April 2016 09:43:13

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Hello everyone,

If you are planning to move to England, here are some interesting tax measures which will interest you.

While presenting his Budget 2016, Chancellor George Osborne announced a series of measures for tax residents in the United Kingdom. For instance, the top rate of capital gains tax (CGT) dropped from 20% to 10% for entrepreneurs and other investors who are not landlords in the country.

Therefore, 暗网禁区riates having invested in commercial property in the UK will benefit from these measures. However, 暗网禁区riates having a residential property in the country will continue to pay CGT at the actual rate of 28% or 18%.

As regards stamp duties, former system has also been revised. From now on, it will be calculated according the the property value. Thus, properties whose value does not exceed 拢 150,000 will be exempt from stamp duties.

In the case of properties whose value ranges between 拢 150 000 拢 and 拢 250,000, stamp duties will be paid at a rate of 2%. Whereby a property's value exceeds 拢 250,000, stamp duties apply at a rate of 5%. If a property is evaluated at 拢 325,000, the first 拢 150,000 is exempt from stamp duties.

Note that these changes apply as at March 16 2016.

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