Update on UK CGT for Non-Residents
The UK recently announced that it will be changing the law in respect of the application of tax to non residents on the disposal of UK residential property.
The announced proposal is intended to have application from 6 April 2015 and has been going through a consultative process, the outcome of which was recently released.
As a result it is likely that any gain arising before 6 April 2015 will not normally be subject to the charge. The question of how that is determined has been raised and addressed as part of the consultation process and in essence taxpayers have a number of options, the two most applicable options are as follows:
If you have any questions in relation to the above changes, please contact your relevant ESV engagement partner on 9283 1666.
Article by David Prichard