Chancellor George Osborne delivered his Autumn Statement on 5
December 2013. While some of the policies had already been widely
predicted, there were some surprises in the package announced. We
set out a summary of the key policies that were announced:
Capital Gains Tax and Non UK Residents
As predicted, the Chancellor introduced a Capital Gains Tax
("CGT") charge on future gains for foreign owners of
residential property in UK from April 2015. The tax will be
applicable on gains post 5 April 2015. It is not clear whether this
charge is intended to apply solely to individuals or extend to
companies and other non-natural persons as the latter are subject
to the annual charge on UK property following the introduction of
the Annual Tax on Enveloped Dwellings from 6 April 2013. Clarity on
these points will we hope be addressed through the consultation on
how best to introduce the new CGT charge to be published in early
2014.
