The payment and administration of capital gains tax is changing from April 2020, writes Jacquelyn Kimber. Are you ready?
The tax landscape for UK property has changed immeasurably over the last six years. First, in 2013 came the introduction of the annual tax on enveloped earnings (ATED) regime and ATED-related capital gains tax (CGT). This was followed by the extension of CGT to disposals of UK residential property by non-UK residents from 2015. Most recently was the extension of the non-UK resident CGT regime to all direct and indirect disposals of UK property, whether residential or commercial from April 2019, and the move back to non-resident companies being charged to corporation tax (not CGT) on property gains.