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ARTICLE · 30 NOVEMBER 2018

UK Tax Round Up - November 2018

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The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post (UK Budget Blog).

GlobalTax
Stephen Pevsner
Stephen Pevsner
Robert Gaut
Robert Gaut
Catherine Sear
Catherine Sear
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General UK Tax Developments

Finance Bill

The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget blog post ( UK Budget Blog).

Another key area covered by the Finance Bill was the final version of the legislation to introduce the extension of tax on chargeable gains arising from UK land (including companies that derive at least 75% of their value from UK land) to non-UK residents from April 2019. We covered the initial version of this legislation in our in July 2018 tax blog (UK Property Tax Blog). The final legislation now includes special provisions to deal with UK property-rich collective investment vehicles (CIVs) such as offshore property unit trusts. CIVs will generally be within the scope of the new tax charge, but can make one of two elections (a transparency election or an exemption election) subject to fulfilment of certain conditions.

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