United Kingdom – Consultation Published on Taxing Nonresidents’ Gains on Property

United Kingdom – Consultation Published on Taxing...

The U.K. government has published its plans to make gains made by nonresidents on U.K. residential property subject to capital gains taxation from April 2015 in a comparable way to U.K. residents. Following up on a commitment made in the Autumn Statement, the U.K. government published on March 28, 2014 its consultation on introducing a capital gains tax charge on future gains made by non-U.K. residents disposing of U.K. residential property. This is important for internationally mobile employees and their employers because many assignees from the U.K. keep U.K. residential property and may sell the property while on assignment.

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