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Capital Gains Tax

02 September 2013
Related to the measures above, Budget 2012 introduced a Capital Gains Tax charge on non-resident non-natural persons which dispose of UK residential property that is worth more than £2 million. 

The charge will apply to gains on disposals on or after 6 April 2013.Increases in the value of property before 6 April 2013 will not be subject to Capital Gains Tax under this measure.Liability to Capital Gains Tax will be closely aligned with liability to the ARPT on the property disposed of.
 
Following consultation, the Government has decided that, for consistency, Capital Gains Tax will also apply to non-natural persons that are resident in the UK in respect of gains built up on or after 6 April 2013.
 
The draft legislation published today (31 January 2013) therefore contains provisions that include UK resident companies within the scope of the charge. The draft legislation provides that Corporation Tax will apply to the part of any gain built up before 6 April 2013, with the new Capital Gains Tax charge applying only to the gain built up on or after 6 April 2013.
 
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