Capital Gains on UK Property for Non-Residents
In his Autumn Statement, delivered to parliament early last month, Chancellor of the Exchequer George Osborne touched upon legislation, due to come into effect from April 2015, requiring non-UK residents to pay UK Capital Gains Tax (CGT) on sales of any UK residential properties – regardless of their sale value.
Though the main features surrounding the likely structure of this Capital Gains Tax have been revealed, the full details regarding this move have yet to be discussed, with a consultation on how the legislation can best be introduced set to be published early this year, once HMRC have been given a chance to look over the suggested new features.
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