George Osborne has introduced a new charge to capital gains tax on the sale of UK residential property by non-UK residents. Until April 2013, capital gains tax was levied only on UK residents. Companies, including offshore companies, owning high value properties were brought into the CGT net from April and, perhaps predictably, the government now wants to extend the charge to non residents generally.
The details are as yet unclear but Osborne indicated that the charge will apply only to residential property and only for gains arising after April 2015.
To discuss this or any other concerns arising from the Autumn Statement please contact our tax partners, Clare Munro and Phil Moss, or your usual Lubbock Fine contact.