Budget 2018: the chancellor announced changes to taxing gains made by non-residents on UK immovable property, confirming that non-resident CGT will be extended to disposals of all UK land and to UK property rich companies. 

 As first announced in the Autumn Budget 2017, from 6 April 2019:

  • Non-Resident CGT (NRCGT) will apply to all direct disposals of UK land and property, not just residential property.
  • It will also apply to indirect disposals by those holding 25% or more of an entity which derives 75% or more of its gross asset value from UK land ('UK property rich').
  • All non-UK resident companies will be liable to Corporation Tax rather than CGT on gains.

Useful links:

Budget 2018 live highlights

Budget 2018 summary

External link

HMRC: Changes to taxing gains made by non-residents on UK immovable property

 

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