In the 2012 Budget Statement it was announced by the Chancellor that he intended to introduce new tax charges to counter tax avoidance on the transfer of high-value residential property. As part of these measures, the Government has proposed to introduce an annual charge on residential property worth £2m or more held within companies and similar structures. The CLA has suggested that the annual charge would be imposed on those CLA members who do not have tax avoidance as a motive and would affect the genuine business activities of some estate businesses. The CLA has argued that various exemptions, as suggested in the CLA's response, should be introduced if the charge goes ahead. The consultation closed on 23 August 2012.
Ensuring the Fair Taxation of Residential Property Transactions