Implementation of a Capital Gains Tax Charge on Non-Residents

Government announced in the Autumn Statement 2013 that it would extend Capital Gains Tax (CGT) to disposals of UK residential property by non-residents from April 2015. The purpose of this proposal was to address a perceived unfairness within the CGT and the Property Tax regime whereby UK residents are charged CGT when disposing of a property that is not their main residence but non-residents are not. Government has carried out a consultation process and the findings of their consultation have recently been published. Whilst we await the legislation implementing this proposal, Government outlined the key features of the proposed legislation. Read on to find out more

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