BUDGET – Drastic extension to taxes on enveloped dwellings
The punitive 15 per cent rate of stamp duty on residential property owned through a corporate envelope is being immediately extended to enveloped properties worth GBP500,000 or more, instead of the previous GBP2 million threshold. So is the annual tax charge on enveloped properties, though not until next year.
Speaking in Newry this morning Kevin Neary of Donnelly Neary & Donnelly pointed out that this meant that it would no longer be an option for families to hold a high value family home within a company as was possible before
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