UK Autumn Statement 2013 ? Capital Gains Tax On UK Property

05.12.13

Please note that this article is over six months old. While Blevins Franks takes care to make sure that information is accurate on the date of publication, some content may change over time. You should not rely on the accuracy of legislation and tax information in this article; take professional advice for your circumstances.

On 5th December, UK Chancellor George Osborne announced in his Autumn Statement that non-UK residents will be liable to capital gains tax on gains arising on disposals of UK residential property from 6th April 2015.

On5th December, the UK Chancellor of the Exchequer, George Osborne, announced inhis Autumn Statement that non-UK residents will be liable to capital gains taxon gains arising on disposals of UK residential property from 6th April 2015. Gainsarising on other UK assets are not caught by this provision

 

Theaccompanying documentation, and Mr. Osborne himself, refer to “future gains”,which indicates that only gains arising from that date will be subject to tax. Howeverit is not clear whether this will be the case, or whether the full gain sinceacquisition will be taxed. As such, no details regarding how this will operatehave been released; however a consultation regarding these changes will beginin early 2014. At Blevins Franks we will be tracking and reporting on theconsultation process throughout. 

 

Whilstwe would counsel against taking immediate action solely on the basis of theannouncement, because not enough information is available until consultationbegins, you may wish to discuss your options with us.

 

Thischange offers an excellent opportunity to review your assets, and their taxefficiency whilst there is still time to effect changes, and take intoconsideration your current residence position. As usual, remember that whenchanging countries, it is not just the rules in one country that affect thetaxes that you pay; consideration should be given to your overallcircumstances, taking into account the tax legislation in both countries.

 

BlevinsFranks has in depth and up-to-date knowledge of the tax and residence rules ofthe UK, Spain, France, Portugal, Cyprus and Malta.   Please contact us for advice on yourpersonal situation.

 

5th December 2013

 



Tax rates, scope and reliefsmay change.  Any statements concerningtaxation are based upon our understanding of current taxation laws andpractices which are subject to change. Tax information has been summarised; an individual is advised to seekpersonalised advice.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.

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