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Late yesterday afternoon the Government published its response to the consultation on extending Capital Gains Tax (CGT) to non-UK resident owners of UK residential property.
This is the latest step in a series of significant changes in the last couple of years to the tax treatment of UK residential property.
We now know more or less how the new charge will work:
Overall the proposals are perhaps not as serious as some had feared.
For example, it was not previously clear whether gains relating to periods before April 2015 might be chargeable.
And there had been talk of abolishing the ability to elect which of several residences was the main residence. That would have had major implications for many UK residents too.
Some particular points to note:
This article was written by Charles Hutton and Piers Master.
For more information please contact Charles on +44 (0)20 7427 6737 or firstname.lastname@example.org, or contact Piers on +44 (0)20 7203 5096 or email@example.com