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Relief for tax exempt investors and overseas funds on payment of UK CGT by non-UK residents on UK commercial property gains

12 July 2018

Relief for tax exempt investors and overseas funds on payment of UK CGT by non-UK residents on UK commercial property gains

Following the announcement made in the Autumn Budget 2017, the UK will significantly broaden its tax base with respect to gains made by non-UK residents on disposals of UK immovable property.

These changes will level the playing field between UK and non-UK residents investing in UK land, and simplify the current rules

The risks and concerns raised by industry have been taken on board by HMRC and HMT, particularly with regards to the possibility of tax exempt investors and overseas funds suffering an unfair tax outcome and offers relief in both of these areas. Following publication of the response there will be a period of further technical consultations on the legislation and proposals, and officials will continue to work closely with stakeholders to ensure the rules deliver a robust regime. The changes will be finalised for Budget 2018 and come into effect from April 2019.

The Response can be found at

https://www.gov.uk/government/consultations/taxing-gains-made-by-non-residents-on-uk-immovable-property  and related draft legislation, explanatory notes, tax information and impact notes (TIIN) can be found at  

https://www.gov.uk/government/publications/capital-gains-tax-and-corporation-tax-on-uk-property-gains

 

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