Non-Residents’ Capital Gain Tax On Residential Property
The Chancellor confirmed in his Autumn Statement in 2013 that from 6th April 2015 the disposal of residential property by non-residents will be subject to UK capital gains tax. The charge will apply on gains arising after April 2015 and valuations at that date will be required to establish the base figure.
The property owner is personally liable to provide and justify the valuation but any subsequent argument with the tax authorities will stand a far better chance of success with a concise and contemporaneous formal report prepared by a Registered Valuer.
It is always far less costly and easier to demonstrate the “current” level of value than to carry out an historic valuation in the future when comparable evidence may be harder to find. Willmotts’ valuation team of RICS Registered Valuers are able to provide this support now with a brief valuation report to be filed away with your papers ready for the day it will be needed.
Please get in touch with me as soon as possible to allow us to get the best results for you.
Simon Hanton
BSc (Estate Management), FRICS
Director
Dept: Valuations
020 8222 9915
Email: s.hanton@willmotts.com
Advertorial
July 10, 2015
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