Autumn Budget 2017

Capital Gains Tax

The government had previously introduced measures to ensure that non-UK resident individuals were subject to UK Capital Gains Tax in respect of disposals of UK residential property (it had historically been the case that, barring a small handful of exceptions, non-UK resident individuals were exempt from UK Capital Gains Tax in respect of the disposal of all UK assets).

A consultation has been published regarding the extension of these rules to cover disposals of UK non-residential property by non-UK resident individuals.  The government intends to introduce legislation next year which will mean that these new rules apply to disposals which take place on or after 6 April 2019.  Only the capital gain accruing from 6 April 2019 will be taxable and so any gain accrued before that date will remain exempt from UK Capital Gains Tax.

The 2018/2019 annual exemption has been announced.  This will be £11,700 for individuals and £5,850 for trustees of most settlements.

The proposed introduction of a 30 day payment window for Capital Gains Tax due on disposals of residential property has been deferred until April 2020.

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Feb 22

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