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The National Bank of Abu Dhabi, the Number One Bank in the UAE, organised a seminar that explained UK tax laws on residential properties.
The seminar addressed questions by owners of UK residential property since the announcement of changes in the UK tax laws.
Titled "Raid on Residential: A new era for tax on UK residential property,” was organized in collaboration with NBAD business partners: Trowers & Hamlins, a renowned UK Law firm; and Knight Frank, one of the leading consultants on UK and International properties.
“There has been some confusion and insecurity with many property owners uncertain with regards to what action should be taken and whether or not these changes affect them,” said Samira Zakour, the Chief Marketing Officer of NBAD Trust Services at NBAD Trust Company (Jersey) Limited. “NBAD organized this seminar so experts can explain and analyze the proposed changes and the options available to people.”
Helen Tatham, Director of Residential at Knight Frank, explained the trends in the London market. She said that the weakening of the British Sterling and global recession have increased international investment in the London property market.
Andrew Sneddon, Partner in and Head of Trowers and Hamlins Tax Department, gave an overview on the current UK Tax Laws on residential properties and the proposed changes. He explained that the tax changes essentially affect residential properties worth over GBP 2 million that are owned by companies, including offshore companies. Mr. Sneddon provided the audience with general advice on what possible actions may be taken should one be affected by these changes. One way to reduce taxes on properties would be to hold the property under a trust structure.
Ms. Zakour from NBAD Trust Services explained that setting up a trust could protect assets from ongoing legislative changes.
The Seminar was held at Jumeirah at Etihad Towers in Abu Dhabi.
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