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Issue:
4495
/
Categories:
Comment & Analysis
, Capital Gains
, International
, Investments
, Land & property
, Residence & domicile
The new regime for non-resident capital gains tax
KEY POINTS
- New rules from 6 April 2015 render non-residents who dispose of UK land liable to capital gains tax.
- Off-plan purchases are included in the definition of dwelling.
- Calculating the chargeable gain may require an April 2015 valuation of the land.
- HMRC must be notified of a disposal within 30 days of the conveyance.
Even before the April 2015 changes any type of chargeable UK asset disposed of by non-resident individuals and other entities could be liable to capital gains tax.
The new rules from 6 April 2015 will catch disposals of UK residential property by non-resident companies and individuals. This article looks at the current and new rules.
All references are to TCGA 1992 unless indicated otherwise.
Regime before 6 April 2015
When a taxpayer is UK...
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