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ARTICLE · 23 MARCH 2015

Major Changes To Capital Gains Tax

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Under the current Capital Gains Tax regime, a UK property owned by a non-resident and standing at a gain will not be taxed to CGT on sale.

United KingdomTax
Sophie Carter
Sophie Carter
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Under the current Capital Gains Tax (CGT) regime, a UK property owned by a non-resident and standing at a gain will not be taxed to CGT on sale. Given the buoyancy of the London property market in particular, this exemption has considerable value for overseas investors, especially as many other countries do tax gains on the sale of real property by non-residents.

From April this year, however, there will be major changes to the rules on CGT. For the first time UK residential properties owned by non-residents will be caught by the CGT net. Non-residents owning a UK residential property standing at a considerable gain are right to be concerned, but exemptions and reliefs are available which can help to sweeten the pill.

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