On April 5th 2015, non-resident owners of UK residential property will have to start paying Capital Gains Tax (CGT) of up to 28%, when they sell that property.
The change is intended to address the “unfairness” of the existing regime, where UK residents are charged CGT on the sale of residential property that is not their main home, but non-UK residents are not.
Acting now and transferring ownership to protected structures can potentially eliminate the requirement to pay this tax, as well as professional costs of having to negotiate a tax liability with the UK authorities in the future.
Any action taken after April 5th will require a computation of tax due and payment of that tax within 30 days.
If you have any questions or concerns about this change please do not hesitate to contact us and we may be able to make an appropriate introduction to assist if required.
Tel: 01494 450011