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A new scene
Key points
- From 6 April 2020 property income of non-resident companies is subject to corporation tax.
- Other elements such as land remediation relief will now need to be considered.
- HMRC will be communicating with affected companies.
- There are various requirements to the non-resident landlord accounts.
- Non-resident company landlords may register under the non-resident landlord scheme.
- If an accounting period straddles 6 April 2020 transitional rules apply.
It is estimated that there are about 22 000 non-resident company landlords (NRCLs) holding UK residential and commercial property. In many cases taxpayers use a non-resident company mainly for the simplified filing requirement and compliance cost savings as opposed to a tax planning motive. However the capital gains tax and inheritance tax...
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