Osborne Targets Empty U.K. Company-Owned Homes With Extended Tax
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Chancellor of the Exchequer George Osborne extended a 15 percent stamp-duty sales tax on empty U.K. homes owned by companies to add properties worth more than 500,000 pounds ($831,000) as the government clamps down on tax avoidance.
Residences worth 1 million pounds to 2 million pounds that are held by a company and aren’t leased will also be subject to an annual charge of 7,000 pounds starting in April 2015, according to government filings. A tax of 3,500 pounds on homes worth 500,000 pounds to 1 million pounds will take effect in April 2016.