The new capital gains tax regime for non-residents
A new regime for taxing gains realised by non-residents holding UK property will come into effect from April 2015 following a consultation which closed in June 2014. Professional bodies pressed for the abolition of annual tax on enveloped dwellings related capital gains tax (ATED related CGT) but to the great disappointment of professional bodies involved, the new regime is in addition rather than in place of ATED-related CGT. In this article, first published by The Tax Adviser in February 2015, Aparna Nathan looks at the new regime and highlights some of it quirks and anomalies. In particular, those working full time abroad may be in for some unpleasant surprises.
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