They also remove the requirement that a person must be resident in the UK (or carrying on a trade here) to be joined as a third party to an appeal, or to apply to a tribunal for determination of an asset’s market value. The effect of this change will be to extend those rights to ‘non-natural persons’ disposing of UK residential property with a value at more than £2m and becoming liable to CGT by virtue of Finance Bill 2013.
The Finance Bill will remove the concept of ‘ordinary residence’ from primary tax legislation but it will not amend the 1967 regulations. Formal consultation on the removal of ordinary residence was carried out in 2011 and 2012. The instrument will be laid in time to come into force from 6 April 2013, HMRC said on 8 March, ‘so any final comments on this revised draft should be sent by 12 March’.
They also remove the requirement that a person must be resident in the UK (or carrying on a trade here) to be joined as a third party to an appeal, or to apply to a tribunal for determination of an asset’s market value. The effect of this change will be to extend those rights to ‘non-natural persons’ disposing of UK residential property with a value at more than £2m and becoming liable to CGT by virtue of Finance Bill 2013.
The Finance Bill will remove the concept of ‘ordinary residence’ from primary tax legislation but it will not amend the 1967 regulations. Formal consultation on the removal of ordinary residence was carried out in 2011 and 2012. The instrument will be laid in time to come into force from 6 April 2013, HMRC said on 8 March, ‘so any final comments on this revised draft should be sent by 12 March’.
