HMT-HMRC Consultation outcome: Taxing gains made by non-residents on UK immovable property

Released 6 July 2018

HM Treasury and HMRC have published responses to the consultation on the tax treatment of gains on disposals of UK immovable property by non-residents.

On 22 November 2017 the Government released a consultation document seeking views on proposed rules to expand the UK’s tax base with respect to non-UK residents’ gains on disposals of interests in UK immovable property. Only those persons who are currently not liable to UK tax on capital gains, for reasons other than being non-UK resident, would be outside of the charge. Draft legislation for the core provisions has been published which integrates the core mechanics of the changes this measure brings with a consolidation re-write of the Taxation of Chargeable Gains Act 1992, Pt. 1. Aside from the changes for this measure, the changes to Pt. 1 only re-state the current rules without altering how they work. The Government recognises the complexity of these rules, and the scale of the changes proposed and there will be a period of further technical consultations on the legislation and proposals. The changes will be finalised for Budget 2018 and come into effect from April 2019.

View the Consultation outcome Taxing gains made by non-residents on UK immovable property.

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