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 only be...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
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 only be...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")