Recent changes in the UK tax scheme will see Singaporean investors in the UK paying higher stamp duties and other new taxes, according to a media report. The tax changes may be particularly hard on investors who acquired properties worth more than £2 million (S$4 million) using a company, compared to a standard purchase. For instance, a proposed annual charge will be implemented to both existing and new homes valued at more than £2 million (S$4 million) held by companies. The changes will likely take effect in April next year.
This will impact the increase in demand for properties between £1 million (S$2 million) and £2 million (S$4 million) where the normal rates of stamp duty without the annual tax or capital gains tax exposure, are stipulated. Several investors are also eyeing commercial property, which is not affected by the tax changes.
The consultant company, which is currently marketing London's Kensington High Street, is JLL. An average price of the unit sold cost between £1.5 million (S$3 million) and £1.9 million (S$3.8 million).
Source: Yahoo Finance
This will impact the increase in demand for properties between £1 million (S$2 million) and £2 million (S$4 million) where the normal rates of stamp duty without the annual tax or capital gains tax exposure, are stipulated. Several investors are also eyeing commercial property, which is not affected by the tax changes.
The consultant company, which is currently marketing London's Kensington High Street, is JLL. An average price of the unit sold cost between £1.5 million (S$3 million) and £1.9 million (S$3.8 million).
Source: Yahoo Finance
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