Wragge Lawrence Graham & Co

UK 200 2013 position: 25

A closer look — changes and proposals to the taxation of UK residential property

By Anthony Thompson

In this note, we review the Budget measures. We also outline the proposals for the taxation of gains made by non-residents disposing of UK residential property and consider how this new capital gains tax (CGT) charge may inter-relate with the annual tax on enveloped dwellings (ATED)-related CGT charge introduced in April 2013.

Surprise measures to increase the scope of certain taxes on higher-value residential property acquired by and/or held through corporate envelopes were announced by the chancellor in the UK Budget on 19 March 2014. The draft Finance Bill 2014 has since been published and provides some clarification of these proposed changes.

In addition, at the end of March, the UK Treasury published its promised consultation on the introduction of a CGT charge on non-residents who dispose of UK residential property. This is to take effect from 1 April 2015…

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Overview

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UK
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