New rules on Capital Gains Tax came into force on the 6th April 2015 which could seriously affect Non-UK resident property owners when they come to sell their UK property
Any sales of UK residential property made before that date, whether of a main residence or an investment home, owned by Non-UK resident individuals should not incur a tax charge
From 6th April 2015, Capital Gains Tax will be charged on Non-UK residents who dispose of UK residential property after that date
Crucially the tax will be charged on the increase in value of the property from 6th April 2015 onwards
Capital Gains Tax rates of 18% and 28% apply dependent your circumstances
With this in mind we strongly advise that all Non-UK residents should get their properties valued now, even if they have no intention of selling as failing to get a valuation now could possibly mean paying more tax when the property is eventually sold (as the HMRC may query the value as of 6th April 2015 and this could cause avoidable hassle and expense in retrospectively arguing over the increase in value)
Click the link to the gov.uk site for further information https://www.gov.uk/capital-gains-tax-for-non-residents-uk-residential-property
