Q&A on the new CGT regime for high-value dwellings

As announced in the Budget 2012 high value UK residential properties owned by non natural persons (NNPs) will be subject to a new regime of taxation from April 2013. The Finance Bill 2013 published on 11 December 2012 included draft legislation relating to the proposed ‘annual residential property tax’ (ARPT) but did not include draft legislation relating to the new charge to CGT to be imposed in respect of high value properties held by NNPs. Draft legislation relating to the new CGT charge was published on 31 January 2013 (available via www.lexisurl.com/TvBA5).

When does the new CGT regime come into force?
The new CGT rules will be effective from 6 April 2013 and will apply to disposals made...