Capital Gains Tax on UK Property Service
Non-resident individuals, trustees and partnerships must report to HMRC if they sell or dispose of UK property, via the HMRC website – Capital Gains Tax on UK Property Service. This also applies when a non-resident sells shares in a property rich company.
Since 2019, non-resident companies pay corporation tax on any gain rather than Non Resident Capital Gains Tax. This may create filing obligations and possible liabilities for penalties for non-resident companies that did not previously have to submit a corporation tax return in the UK.
Non-resident landlords may be subject to a capital gains tax charge on the sale of investment properties.
We can review the ownership of your property to make sure that it is structured in the most tax efficient way. We can consider any relevant reliefs that may apply, such as Private Residence Relief.
Our advisers can help you fulfil your filing obligations to HMRC and pay the correct amount of tax.
Contact us here for more information.