London suffers highest annual tax enveloped dwellings (ATED).
London is suffering the highest burden on a recently introduced tax on high value, over £2m in value, which targets properties owned by non natural persons.
This tax has raised a substantial amount of money since it was introduced in April 2013. In this tax year it has raised £100m of which 89% of it related to London properties.
The Government may have next April and unexpected tax windfall. It is expected from April 2015, people will be allowed to access their pension funds, under the new UK Pension reforms.
It is expected that people will be able to withdraw all of their defined benefit scheme savings in one lump sum and then pay tax at their applicable marginal rate.
This should produce a spike in tax receipts which will be a welcome boost to the UK Treasury.