Change to Capital Gains Tax for non UK Residents
1st May 2015
Changes to capital gains tax rules in April 2015 means non UK residents who own residential rental peoperty in the UK should take action and get their properties valued. Failure to do so could result in paying higher taxes if and when a property is disposed of.
A temporary non-residentm being someone who has temporarily lived in the UK before moving overseas, would be able to sell their assets without incurring a charge. He gains tax will only be applicable after April 6 affecting non-UK residents including trustees, certain companies and individuals.
If non-UK residents do not attain a valuation of their property, then an alternative valuation could result in significant gain arising where there has been a sharp increase in property value since the start of the ownership. Therefore, a non-UK resident should seriously consider obtaining a valuation even if there are no plans to dispose of the property. Even if a correspondence with the HMRC is not a regular occurance, a return should be filed to avoid being penalised.
To that end, obtaining a property valuation before the proposed date will save time, money and other resources looking towards the future.