What You Need to Know About Capital Gains Tax
As of April 6th 2015, the UK government has introduced a new Capital Gains Tax (CGT).
CGT will now be applicable to the gains all non-UK resident individuals, trusts, personal representatives and narrowly controlled companies acquire after disposing or selling of a property in the UK. Although navigating any potential taxes can seem daunting – particularly when faced with additional cultural and linguistic challenges – we have compiled a new Guide to Capital Gains Tax, to explain how you, as an international investor, may be affected by CGT.
Available to download now, our new guide will provide a brief overview of the taxation landscape prior to April 6th. Before CGT was implemented for non-UK residents, those that owned a property in the UK were not liable to pay any tax on gains received from that sale or disposal. However UK-based owners were accountable for CGT, unless the gains qualified for tax relief.
Now, if you are selling or disposing of a UK residential property and live outside the UK, you must contact Her Majesty’s Revenue and Customs (HMRC) to notify them within 30 days of the sale being completed. If you acquire a gain from your sale, you may need to pay CGT.
Capital Gains Tax for non-UK residents will now be payable at the same rate of property owners living in the UK. In order to fully understand the potential implications of CGT and how much you may be required to pay, we strongly advise that you consult the HMRC’s website.
However, our new guide will explain one means of calculating how much tax you may stand to pay – with an accurate valuation of your property. To establish the value of your property or to rebase, it is essential to seek the help of a professional valuer. For a more in-depth breakdown of how to calculate CGT via a valuation and how to seek support through these changes, download our Guide to Capital Gains Tax, here.
To speak to a member of our team directly for further advice of CGT, call + 44 (0) 207 437 1000.
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