Section 226: New Tax on Ownership of High-Value Residential Properties Or Dwellings
Summary
1.Section 226 will allow HM Revenue & Customs (HMRC) to incur expenditure in preparing for the introduction of a new tax to be charged on high-value residential properties owned otherwise than by individuals.
Details of the Section
2.Section 226 provides HMRC the statutory cover to incur expenses incurred in the preparation for a new tax in respect of high-value residential properties or dwellings owned otherwise than by individuals.
Background Note
3.HMRC may only incur expenditure where there is statutory cover to do so. In the case of existing taxes, the statutory cover has already been granted.
4.In the case of new taxes, HMRC must receive statutory cover in order to incur expenditure for the introduction of a new tax prior to it coming into force.