Blog posts tagged in Capital Gains Tax
As announced in the 2013 Autumn Statement, capital gains tax (CGT) is to apply to non-residents disposing of UK residential property, on gains arising on disposals after 5 April 2015.
Before then CGT was not applied to non residents (other than those carrying on a trade in the UK and, since April 2013, on companies subject to the 'annual tax on enveloped dwellings' (ATED)
These draft regulations remove references to being 'ordinarily resident' from Regulation 15 of the Capital Gains Tax regulations 1967 and remove the requirement that a person must be resident or ordinarily resident or carry on a trade in the United Kingdom in order to be joined as a third party to an appeal or make an application to be joined.
This instrument will be laid in time to come into force from 6 April 2013, so any final comments on this revised draft should be sent by 12 March 2013.