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Monday, April 16, 2012

Stamp duty on company residentials

Some of the countries biggest residential landlords are enraged by the changes in stamp duty following George Osbornes introduction of a 15 percent rate on companies purchasing residential property over 2 million pounds.

Both Lord Cadogens, Cadogen Estates and the Duke of Westminsters Grovesnor Estates have complained that the changes will make the UK less attractive to foreign investors.

The treasury defends its decision as an attempt to prevent the wealthy from getting their accountants to envelope their property into supposed 'companies' to avoid paying tax.

Accountants are busy seeking out a different shaped envelope to stuff them into following the budget changes.

Teddy's not happy, not one little bit.

Read full response in the FT

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