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More changes imminent for non-UK residents holding UK property

Changes for non-UK residents holding UK property

Changes for non-UK residents holding UK property

TaxWatch

TaxWatch

Access KPMG's client-only portal of publications on topical tax issues.

Non Resident Capital Gains Tax (NRCGT) has been in effect in the United Kingdom (UK) from 6 April 2015 applying to disposals of residential property in the UK by non-UK resident individuals and companies.

On 6 July 2018, the UK published a number of clauses of the Draft Finance Bill for the 2018/19 financial year. The Draft Bill, if enacted, introduces new rules for gains arising on direct and indirect disposals of UK property by non-residents. All disposals by non-residents of UK property (i.e. commercial and residential) will come within the scope of UK taxation under one harmonised regime from 6 April 2019.

This article is the first in a two part series on changes to the UK taxation of capital gains on non-residents. Johnny Hanna, KPMG Belfast, takes a look at some of the recent changes, when they will apply from and how they will affect non-UK residents holding UK residential and non-residential property both directly and indirectly.

Johnny also highlights the 30 day filing deadline that applies where there is a disposal of UK residential property under the NRCGT regime and the implications for missing the deadline, as well as some other upcoming changes to reporting and payment obligations under the NRCGT Regime. These changes include extending the UK NRCGT regime to disposals of UK commercial property, indirect disposals (currently only direct) and bringing forward tax payment and filing deadlines in relation to disposals of UK property.

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