• Fri
  • Oct 24, 2014
  • Updated: 1:27am

Taxation in the United Kingdom

Long arm of UK taxman reaches city

UK taxpayers with bank accounts in Switzerland will have to disclose their account details or be taxed up to 41 per cent of their balance under a deal between the two countries. The UK-Swiss Confederation Taxation Cooperation Agreement, which was signed in 2011 takes effect this year and is designed to crack down on tax evasion.

Monday, 25 February, 2013, 5:27am

Tax havens remain upbeat

Where do the wealthy go when the taxman demands too much? The British Isles is one choice. Positioning themselves as fully-fledged tax havens, the Isle of Man and Channel Islands, such as Jersey and Guernsey - all self-governing jurisdictions of the British Crown - have benefited from the flood of British companies and high-net-worth individuals (HNWIs) who fled offshore in more buoyant times to a friendlier fiscal environment.

20 Feb 2013 - 4:40am

Stamp duty chills market

Property prices in London are slowing in what is being seen as signs that tax increases on properties worth more than GBP2 million (HK$24 million) are starting to bite.

In the second quarter, home values rose 0.9 per cent - the lowest level since September 2009, says prime realtor Savills.

11 Jul 2012 - 12:00am

There's never a dull moment for flat buyers

When Carmen Lee and her boyfriend bought a home in Tin Shui Wai in March 1997, she never imagined the move would turn into a nightmare.

They bought a 700-square-foot unit for about HK$3.5 million at Cheung Kong's Maywood Court - the fifth phase of Kingswood Villas.

29 Jun 2012 - 12:00am

Home prices race up despite tariff

Additional stamp duties imposed on residential sales in Macau a year ago have failed to curb demand in the former Portuguese enclave, where prices have reached record highs.

Analysts forecast flat prices could rise by a further 5 per cent by the end of this year due to strong pent-up demand and robust economic growth.

13 Jun 2012 - 12:00am

Higher home sales in view as tax falls

A breakthrough in secondary-market home sales as the year progresses has been predicted by analysts and agents as the initial impact of the government's special stamp duty wears off, allowing the market to conclude deals faster and also releasing pent-up demand from genuine buyers.

8 Mar 2012 - 12:00am

Official records on property prices not verified

The development chief has come under fire after admitting that no official channel exists for the public to obtain accurate data on prices of flat sales.

Secretary for Development Carrie Lam Cheng Yuet-ngor says the Land Registry, which lets the public search its data on real estate deals, does not verify whether the property prices it records are genuine.

7 Jul 2011 - 12:00am

Top court rules for Hongkong Electric on rates

The Court of Final Appeal handed a major victory to Hongkong Electric yesterday. The top judges unanimously ruled that government rates did not have to be paid on properties under construction.

22 Jun 2011 - 12:00am

Lawmaker sceptical of fall in property speculation

A lawmaker has questioned the rosy picture painted by new government figures, which shows the number of confirmor deals on flats have more than halved thanks to the special stamp duty.

Confirmors are investors who buy a property and resell it before the transaction is completed.

4 May 2011 - 12:00am

Investors flock to commercial and industrial property markets

Hong Kong's commercial and industrial property markets are expected to remain buoyant after recording rising numbers of sales and transaction values, due mainly to the additional special stamp duty levied on quick resales of residential units.

27 Apr 2011 - 12:00am

Stock tax too useful to dump, Chan says

Hong Kong is unlikely to scrap or reduce the stamp duty on stock transactions as the administration sees it as an effective tool against short-term trading, such as high-frequency trading, as well as combating the influence of dark pools.

13 Dec 2010 - 12:00am

Stamp duty riles agents

Real estate agents yesterday demanded the government reverse its 15 per cent stamp duty on the sale of homes.

The Joint Council of Estate Agents Associations said it planned to hold a mass rally next month against the measures, which aim to curb speculation in the property market.

30 Nov 2010 - 12:00am

Property selling despite curbs, agents say

The Hong Kong government's new cooling measures may curb short-term property speculation in the medium to lower end of the market, but its effect on luxury homes could be limited, agents say.

21 Nov 2010 - 12:00am

Property speculators slapped with up to 15pc extra stamp duty

The government slapped additional stamp duty on property speculation yesterday in a desperate move to rein in rampant home-price inflation. The monetary authority lowered the mortgage ratio for costlier flats.

20 Nov 2010 - 12:00am

Call to sting speculators with extra stamp duty

The head of an influential think tank says property sellers who engage in speculative activities should be made to pay hefty stamp duty.

Anthony Wu Ting-yuk, chairman of the Bauhinia Foundation Research Centre, said the government should impose a new stamp duty on apartments that are sold within six months to one year after they were last purchased.

18 Nov 2010 - 12:00am

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