Peter Stevens summarises the government’s proposals for charging tax on capital gains made by non-residents from disposals of UK residential property
Unlike most other developed countries the UK has not previously taxed non-residents on their gains from the disposal of residential properties within its territory. Therefore the chancellor’s announcement in the 2013 Autumn Statement confirmed in the 2014 Budget that this would change from April 2015 caused some consternation.
Non-residents have traditionally held UK property through various corporate trust and fund structures and for various purposes. Clearly introducing a tax charge on capital gains made by non-residents on the disposal of residential property in the UK will not be entirely straightforward. The Autumn Statement left a number of unanswered questions.
The government finally published a consultation paper on
