Introduction -- Introducing an annual charge -- Capital Gains Tax -- Interaction between annual charge and Capital Gains Tax extension -- Responding to the consultation -- Annexe A Tax impact assessment -- Annexe B Currnt legislation definition of residential property

The Government is consulting on a series of measures announced in Budget 2012 to ensure that individuals and companies pay a fair share of tax on residential property transactions and to reduce tax avoidance. The first proposal to introduce an annual charge of residential properties valued over £2 million owned by certain non-natural persons including companies, other corporate bodies, collective investment vehicles and partnerships. The second proposal is to extend Capital Gains Tax to the disposal by certain non-resident non-natural persons of residential property, interests in such property or the envelopes in which they are held.

Consultation closes 23 August 2012.