The ICAEW understands that Finance Bill 2016 will include legislation to make the submission of a non-resident CGT return optional for no gain/no loss residential property disposals and for arm’s length leases.
The ICAEW understands that Finance Bill 2016 will include legislation to make the submission of a non-resident CGT return optional for no gain/no loss residential property disposals and for arm’s length leases.
Draft Finance Bill 2016 proposed allowing HMRC to prescribe circumstances under which non-UK residents disposing of UK residential property would not be required to file a CGT return under the new rules which came into effect in April 2015. Under normal circumstances, a sale must be reported within 30 days of completion. The ICAEW Tax Faculty has been advised by HMRC that amendments to legislation will make reporting optional where there is:
· a disposal of a residential property on or after 6 April 2015 for no gain or loss; or
· the grant of a lease for no premium to an unconnected person in a bargain at arm’s length.
The ICAEW understands that Finance Bill 2016 will include legislation to make the submission of a non-resident CGT return optional for no gain/no loss residential property disposals and for arm’s length leases.
The ICAEW understands that Finance Bill 2016 will include legislation to make the submission of a non-resident CGT return optional for no gain/no loss residential property disposals and for arm’s length leases.
Draft Finance Bill 2016 proposed allowing HMRC to prescribe circumstances under which non-UK residents disposing of UK residential property would not be required to file a CGT return under the new rules which came into effect in April 2015. Under normal circumstances, a sale must be reported within 30 days of completion. The ICAEW Tax Faculty has been advised by HMRC that amendments to legislation will make reporting optional where there is:
· a disposal of a residential property on or after 6 April 2015 for no gain or loss; or
· the grant of a lease for no premium to an unconnected person in a bargain at arm’s length.
