The CIOT has responded to the consultation on the draft regulations concerning the capital gains tax treatment of disposals of interests in UK property rich collective investment vehicles by non-UK residents.
Finance Act 2019 introduced new provisions further extending the taxation of gains accruing to non-UK residents on UK property. These draft regulations are concerned with part of those rules specifically concerning UK ‘property rich’ collective investment vehicles and their investors. The amendments made by the draft regulations follow constructive post implementation engagement with stakeholders to ensure the existing legislation works as intended.
The CIOT’s full response to the consultation can be read on the CIOT website.