|Accountants in Northern Ireland wish to advise non-UK residents of a change to UK law.|
|An extension of Capital Gains Tax (CGT) has been introduced by the Finance Act 2019. |
Info for non – resident Individuals
CGT is now due on disposals of all UK immoveable property and land made by non UK-residents. Before the introduction of the new legislation, CGT was only due on disposals of residential property. Non – UK residents are required to report both direct and indirect disposals of UK land. Therefore any sale of commercial property by a non-resident after April 6 2019 will be liable to CGT.
Non – UK residents who have sold UK land must complete a non- resident Capital Gains Tax return and pay within 30 days of completion.
Non resident companies
The new law will also effect the sale of UK land by non-Resident companies. From April 19 Non- resident companies will have to pay corporation tax on gains made on direct and indirect disposals of UK land.
|Armstrong and Co Accountants Northern Ireland advise that, non – UK residents must:|
Calculate or estimate the gain or loss on disposal of all UK land,
Report the disposal on an online Capital Gains Tax return within 30 days of completion (unless they have already filed a tax return including the disposal,
Make a payment on account of the tax calculated as due at the time of the report – also within 30 days of completion.
Calculating non-resident gains or losses.
For further advise see below and get in touch :
Finance Act 2019: