Changes to UK Capital Gains Tax for Non-Residents

On 6th April 2015, the UK introduced Capital Gains Tax (CGT) for non-residents selling a UK residential property.

If you own UK residential property, you may be affected if you are a:

  • Non-resident individual of the UK
  • Personal representative of a non-resident who has died
  • Non-resident who is a partner of a partnership
  • Non-resident company or fund
  • UK resident meeting split year conditions

If you sell or dispose of a UK residential property after 5th April 2015, you must advise the HM Revenue and Customs (HMRC) within 30 days of conveyance.

You must report within this deadline even if:

  • You have no tax to pay
  • You have made a loss
  • You are registered for self assessment
  • You are registered with HMRC for Corporation Tax
  • You send HMRC Annual Tax on Enveloped Dwelling (ATED) or ATED-related Capital Gains Tax Returns

The calculations are complex and it may be likely that you will need to seek UK Tax Advice.

You may also have UK tax owing on the sale which is payable within the 30 day period.

If you believe that you may be affected by this situation, please contact us for further advice.  We have contacts in the UK that may be able to assist in the process.

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