David Hodson on International Family Law: Budget 2012 impact of corporate owned residential properties

George Osborne's Budget on 21 March 2012 contains several elements which affect family lawyers doing international cases with substantial assets.

As of midnight on the day of the Budget stamp duty on buying a property in excess of £2 million went up to 7%. At the moment it is 4% above £500 000 and 5% above £1 million. Unlike income tax which is graduated ie higher rates in respect of higher tranches of income this is a straight percentage. So a property worth £1 million has stamp duty of £50 000. Therefore a property now purchased for £2 million will have stamp duty of £140 000. Given that such a purchase post-divorce may well be arising from a needs-based divorce settlement (instead of or part of sharing) lawyers must take this stamp duty...

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