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UK Commercial Property owned by non-residents

Adrian Mooy - Thursday, July 25, 2019
 
From 6 April 2019, the scope of capital gains tax for non-residents has been extended to include UK commercial property.

 

Prior to this date only residential property had been within the charge to NRCGT.

 

Where commercial property is already owned prior to 6 April 2019, the chargeable gain will be calculated by reference to the increase in value from the rebasing date of 6 April 2019. An election is available to ignore revaluing at 6 April 2019 which will be beneficial if the original cost was higher than the April 2019 value.

 

For companies, any gains will be taxed at the corporation tax rate which is currently 19%. For individuals the rate is 20%.

 

The sale of shares in a company owning UK property can also be caught by the NRCGT charge.

 

Any tax due needs to be paid and a NRCGT return submitted online to HMRC within 30 days of completion of a sale.

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