Draft guidance on extension of NRCGT

HMRC has published draft guidance in appendices to the Capital Gains Manual on the extended non-resident capital gains rules from April 2019.

Legislation in Finance Bill 2019 Sch 1 and 2 extends the taxation of gains made by non-residents on UK immovable property to include commercial property and indirect disposals by ‘property rich’ entities and collective investment vehicles, with effect from April 2019. The ATED-related CGT provisions will be abolished.

The manual appendices contain two sets of draft guidance on the NRCGT changes:

• CG-APP14: Non-resident capital gains from 6 April 2019; and
• CG-APP15: Non-resident capital gains from 6 April 2019: collective investment vehicles

Comments on the draft guidance may be sent to nrcg.consultation@hmrc.gsi.gov.uk. See bit.ly/2S1bAhl.