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Issue:
4491
/
Categories:
Comment & Analysis
, Capital Gains
, International
, Only or main residence
, Residence & domicile
Capital gains issues for non-residents disposing of UK property
KEY POINTS
- From April 2015 non-UK residents will be liable for UK capital gains tax on disposals of UK residential property.
- As well as wealthy individuals UK residents who retire abroad and retain a UK home will be affected.
- Transactions will have to be notified to HMRC within 30 days of the property being conveyed.
- Little extra tax is likely to be raised because of double taxation agreements.
What will the year 2015 be remembered for?
So far we have marked the anniversaries of the signing of Magna Carta and of Churchill’s death and we still have the general election to look forward to.
Tax practitioners know however that the impending election is not the only topic of conversation.
The 2014 autumn statement confirmed the introduction of changes to...
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