From 6 April 2015 a new CGT charge will apply to gains accruing post 6 April 2015 to non-UK resident individuals, trustees, closely-held funds and some non-UK resident companies on the disposal of UK residential property of any value (including let property).
The Government has published a summary of responses to the consultation on introducing this CGT charge, which contains more details of the proposed scope of the charge.
Our new briefing note considers what the latest Government response means for developers and investors, including:
- the scope of the exemption for student and other communal accommodation;
- how developers may be taxed under the proposed changes;
- the changes to principal private residence relief, which developers marketing properties will need to be aware of as it will affect whether potential buyers are taxed on their UK homes; and
- the scope of the exemptions for non-UK companies and funds that are widely held.