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, expatriates having invested in commercial property in the UK will benefit from these measures. However, expatriates 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 £ 150,000 will be exempt from stamp duties.
In the case of properties whose value ranges between £ 150 000 £ and £ 250,000, stamp duties will be paid at a rate of 2%. Whereby a property's value exceeds £ 250,000, stamp duties apply at a rate of 5%. If a property is evaluated at £ 325,000, the first £ 150,000 is exempt from stamp duties.
Note that these changes apply as at March 16 2016.
Find more information here: www.gov.uk