Taxes : reductions for tax residents in the UK

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