By Andy Noton, Partner
If you hold UK property or land as a non-resident or via an offshore company or entity this may well affect your tax position.
On 5 July 2016 HM Revenue and Customs ("HMRC") published the draft legislation to "level the playing field" between offshore property developers in the UK and onshore property developers. This legislation follows the announcement in the March Budget that the Government intends to legislate to ensure that all UK property development activities are subject to UK taxation.
With the current political turmoil, it’s unclear when the 2016 Finance Act is likely to be finalised although the intention is that the rules will be effective from 5 July 2016, with some anti-avoidance provisions applying from the date of the initial announcement on 18 March 2016.
For the detail around the proposed legislation please click here or if you’d like to discuss how this might affect you and your business, please speak to your contact partner or to Andy Noton firstname.lastname@example.org.