Thursday, 22 March 2012

Budget 2012 aims to stamp out property tax dodge of super-rich | UK news | The Guardian

Budget 2012 aims to stamp out property tax dodge of super-rich | UK news | The Guardian

The developers bill it as the most "exclusive address in the world", where the globe's super-rich can pay £85m for an apartment.

For that kind of price tag the residents of One Hyde Park, the Knightsbridge apartment block developed by Candy brothers Christian and Nick, gain access not just to lavish rooms, but also to a "21m stainless steel ozone swimming pool", a "fully-equipped state-of-the-art gymnasium" and a "virtual games room with golf simulator". The whole opulent package is meant to justify the development's tag-line of "experience the exceptional".

The rich and famous who bought one of these apartments faced something quite exceptional on Wednesday: a British Conservative chancellor aiming aggressive blows directly at them and their kin.
Starting on Thursday, the stamp duty paid on UK properties sold for more than £2m will rise to 7% from 5% – from £100,000 to £140,000 – George Osborne said in his budget speech. He then outlined how the Treasury would no longer tolerate a group of super-rich buyers who routinely dodge the charge by making their property purchase through an overseas company rather than in their own name. .....

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