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Budget 2012 - tax avoidance

The Budget has seen a number of measures taken to clamp down on tax avoidance and evasion.

The loophole that has allowed foreign buyers to purchase properties in London without paying stamp duty if using an offshore company. The Chancellor has closed this loophole and has declared that a new tax of 15% will be faced by those using an offshore structure to purchase property in London.

Regarding GAAR - the general anti avoidance rule he noted further information would be made available later in the year. Further information on GAAR is available here.

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