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ARTICLE · 27 JULY 2018

The Private Client Perspective From Tax Journal 2018

Mishcon de Reya LLP
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Mishcon de Reya LLP

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This measure was announced at Autumn Budget 2017 and a consultation ran from 22 November 2017 to 16 February 2018.

United KingdomTax
Andrew Goldstone
Andrew Goldstone
Natalie Quail
Natalie Quail

Non-resident's CGT to include gains on commercial property disposals

This measure was announced at Autumn Budget 2017 and a consultation ran from 22 November 2017 to 16 February 2018.

Finance Bill 2019 will include legislation to bring gains accruing to non-UK residents on disposals of all UK real property within the scope of UK CGT. The material effect of this measure (effective from 6 April 2019) will be that non-residents' CGT will be extended to disposals of commercial property. Non-residents who sell shares in a company that derives its value from UK property will also have to pay CGT.

The government has stated that TCGA 1992 Part 1 and Part 2 Chapters 5, 6, and 7 will be re-written to accommodate the taxation of non-UK residents making disposals of interest in UK land, and to simplify the alignment of the new and existing rules. The government has emphasised that apart from the changes needed to implement this measure, the draft is merely a re-statement of

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