FA 2015: The new CGT regime for non-residents

Katherine Forster

Andrew Goldstone

Speed read

FA 2015 introduces a new CGT charge for disposals of a UK residential property interest with effect from 6 April 2015. The new charge affects non-resident individuals, personal representatives, partners, trustees, foundations and certain companies. The new regime takes priority over the anti-avoidance rules that attribute a non-resident company’s gains to its shareholders (s 13) or a non-resident trust’s gains to its settlor or beneficiary (ss 86 and 87); however, ATED-related CGT takes precedence over the new CGT regime and the anti-avoidance rules. There are provisions concerning rebasing, valuations and reporting requirements. Losses are to be ring-fenced; and there are restrictions on the availability of private residence relief.

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