We summarised recent changes to the taxation of UK property held by Non-UK Resident Companies in an earlier Briefing Note: ‘Non-UK resident corporate landlords’ new charge to Corporation Tax from April 2020: Are you ready?’. This highlighted that such Companies would be charged to Corporation Tax on their property income from 6th April 2020 rather than being charged to Income Tax as was the case previously. The rules for others, e.g. Individuals, Individual Trustees and Corporate Trustees (including PTCs) of Trusts will, of course, remain unchanged, so they will continue to be liable to Income Tax on any property income as before.
With the new rules now in force we have encountered some confusion amongst clients over the implementation of the changes.
Read our latest Briefing Note for more information and clarity: ‘Non-UK Resident Company Landlords – The UK Tax Changes from 6th April 2020‘.
For further guidance on these measures, please contact Robert Drysdale or a member of our Wealth Planning team.
