Taxation of high value UK residential property held by certain non-natural persons
This Tax Information and Impact Note explains an extension to the package of taxes that affect residential properties held by non-natural persons.
▤ Verbatim text from source document
This measure is to tackle tax avoidance and to ensure that those wrapping residential property in corporate and other ‘envelopes’ and not using them for a commercial purpose, such as renting them out, pay a fair share of tax.
The Annual Tax on Enveloped Dwellings Avoidance Schemes (Prescribed Descriptions of Arrangements) (Amendment) Regulations 2015 has been made and came into force on 1 April 2015.