Non-Resident Capital Gains Tax at Wisteria
Here at Wisteria, we have a dedicated team of UK taxation experts, specialising in property tax. Our advisors are well-versed in the UK obligations for non-UK residents. We ensure all of our clients’ tax affairs are kept up to date and any declarations are submitted in a timely manner.
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Non-resident capital gains tax can be a tricky area. At Wisteria, we’re on-hand to help you navigate any changes in the law and help you plan for the future.
Prior to April 2015, non-residents of the UK would pay no CGT upon the disposal of UK based assets. This changed when HM Revenue and Customs brought UK residential property into the scope of UK CGT. Therefore, many individuals who previously had no tax exposure here when disposing of assets are now caught within UK tax. Not only this, but the rates and reporting requirements have changed with residential properties still being assessed to tax of up to 28%.
Ultimately, it is important to choose the correct tax advisers to ensure you remain compliant with your UK tax reporting requirements and are equipped to plan for the future. It is also essential that you stay on top of your declarations and pay the correct amount of tax.
What is non-resident capital gains tax?
Non-resident capital gains tax is a tax on the gains made from the sale of UK-based assets, such as property, by individuals who are not residents of the UK for tax purposes.
What are the changes to non-resident capital gains tax?
Prior to April 2015, non-residents of the UK would pay no CGT upon the disposal of UK-based assets. However, HM Revenue and Customs brought UK residential property into the scope of UK CGT, which means that many individuals who previously had no tax exposure in the UK when disposing of assets are now caught within UK tax.
How can Wisteria help with non-resident capital gains tax?
Wisteria has a dedicated team of UK taxation experts, specialising in property tax. We can help you navigate any changes in the law and ensure all of your tax affairs are kept up to date. We also provide on-going assistance with all your tax needs, including declarations and submissions, to ensure you remain compliant with your UK tax reporting requirements and plan for the future.