CGT & Non-Residents - New Finance Act Rules on Selling Non-Residential Property
From April 2019, non-UK residents disposing of any UK land, not just residential properties, must report the disposal to HMRC within 30 days of completion. The new rules also extend reporting to indirect disposals of UK land held via company and other structures.
Focusing on the impact for non-resident individual property owners, this webinar will explore the changes in Finance Act 2019 as they affect individual clients and will take you through what you need to know to ensure that you and your clients understand the implications of the changes and can plan ahead to avoid penalties for late compliance.
If you are an accountant or tax practitioner advising non-UK based clients disposing of UK property whether held personally or indirectly then this webinar is for you.
Property lawyers may also wish to be aware of how the new rules apply to their clients.
What You Will Learn
This webinar will cover the following:
- The limited exemptions to reporting requirements for non-residents
- What is UK land?
- How to spot an indirect disposal
- Revaluations of property at 2015 and 2019
- Methods of calculating the gain
- The rules for Private Residence Relief for non-residents
- How to make a non-resident CGT report
- How to update or amend a report
- The interaction with self-assessment
- Penalties for late filing/reporting - tribunal cases in the Non-UK situation
- How to plan for the changes and inform your clients
- Updates to letters of engagement