Non-resident CGT Advice

Since 2015, the sale of UK residential property is within the charge to Non-resident capital gains tax.  This means that if a non-resident person or entity (company or trust) sells a residential property situated in the UK, they will need to make an online tax return to HMRC and pay any tax due (which is due 30 days after the completion of the transaction).

From 6 April 2019, these rules will apply to all UK immovable property, which catches all property situated in the UK whether commercial or residential.

We can assist you with the calculation of the tax due, submit the paperwork to HMRC for you and let you know how to make payment.  There are different ways of calculating the tax due and depending on your circumstances, we will choose the best one for you, which will result in the lowest tax charge.  Given the penalties, interest and the complexities of working out the tax, using a tax advisor can be well worthwhile.

Mr Peters had sold a UK residential property 3 months ago.  He came to us to discuss other offshore assets he still owned and mentioned the sale.  We enquired whether he had completed the relevant paperwork and he said he did not realise he had to.

We therefore acquired the relevant information from him to enable us to complete the calculation.  We agreed this with him and completed the paperwork to notify HMRC of the transaction and advised the client how to pay the tax.

To get more information about Non-resident CGT advice and completion of relevant UK paperwork please use the form below or contact us on 07813 434195