The new CGT charge on non-residents is now in effect, but practical issues remain surrounding its valuation and collection, writes Peter Vaines (Squire Patton Boggs).
The new non-residents capital gains tax is now finally in place and we can be reasonably sure it will never go away. Taxes rarely do (although I do remember development land tax being abolished in 1985).
Most non-residents who have an interest in a UK residential property will now be liable to capital gains tax on its disposal. This might catch out a few non-residents because it will also apply on a disposal by way of gift and on deemed disposals. We know all about those concepts here but they might come as a shock to some foreign owners who are unfamiliar with the principles of UK tax.
However the tax will...
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Home >Articles > Practical points on the non-residents’ CGT charge
Practical points on the non-residents’ CGT charge
The new CGT charge on non-residents is now in effect, but practical issues remain surrounding its valuation and collection, writes Peter Vaines (Squire Patton Boggs).
The new non-residents capital gains tax is now finally in place and we can be reasonably sure it will never go away. Taxes rarely do (although I do remember development land tax being abolished in 1985).
Most non-residents who have an interest in a UK residential property will now be liable to capital gains tax on its disposal. This might catch out a few non-residents because it will also apply on a disposal by way of gift and on deemed disposals. We know all about those concepts here but they might come as a shock to some foreign owners who are unfamiliar with the principles of UK tax.
However the tax will...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
