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New Tax Rules Affect Luxury Property for Sale in the UK

Brit Government’s New Tax Rules Affect Luxury Property for Sale

If you’re considering purchasing luxury property for sale in London, your opportunity to save some money on the deal might have disappeared recently. On March 22, the British government raised the sales tax on luxury property for sale, kicking off a flurry of activity as sellers and buyers rushed to close deals before the midnight deadline.

Two new taxes

Under the new scheme, the tax on luxury property for sale that cost more than £2 million jumped from 5 percent to 7 percent. In addition, the British government also announced that it would institute a 15 percent sales tax on luxury property for sale that is purchased through companies as well.

Word of the deadline before the new tax increases took effect from George Osborne, Chancellor of the Exchequer, in his budget speech at approximately 2 p.m. that day. While the news of the imminent taxes was known for some time, rumblings in the media forced the government to implement the increase immediately.

Home values jump

The new tax will have wide implications on luxury property for sale in the U.K. According to the U.K. Land Registry, approximately 1,610 homes valued at more than £2 million changed hands in England and Wales in 2011. In addition, the overall value of luxury property for sale in the U.K. soared as buyers for other countries snapped up homes and made the nation one of the most vibrant real estate markets in the world.

Whether the enthusiasm for luxury property for sale in the U.K. continues remains to be seen. The new tax has pushed up the asking price of homes in many parts of the country as sellers seek to compensate for it. In one area, Chelsea, the average price of a home surpassed £2 million for the first time ever.

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