Capital Gains Tax
This blog is based on points from the Chancellor’s 2017 Budget.
From April 2019 (once again, from more or less the day after we are scheduled to leave the EU) all non-resident individuals will be charged capital gains tax in full on disposals of UK properties. Such disposals would normally have been exempt from capital gains tax until 5th April 2015. Even now, if you are a non-UK resident and you dispose of UK property, you would normally only pay capital gains tax on the increase in the value of the property between 6th April 2015 and the date of sale.
May we suggest that if you are not UK resident, or planning to become non-resident in the foreseeable future, it would be sensible to contact us to discuss the options that you might want to take concerning your UK properties.
Please obtain specific advice from ourselves if in doubt. No responsibility is taken for any act or omission on your part on reading this without further advice.
– By Stephen Handley, FCCA