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FA 2019: offshore interests in UK property

FA 2019 Sch 1 is a rewrite and consolidation of TCGA 1992 Part 1. The real ‘devil in the detail’ is FA 2019 Sch 2 which contains the administrative requirements for making non-resident capital gains tax (NRCGT) returns (and UK residents’ property CGT returns from 2020/21).

Property CGT will be calculated completely separately to gains or losses arising on other assets throughout the tax year. Returns and payments are required 30 days from completion but repayments will be made in-year as well.

Non-residents must return both gains and losses within 30 days. Where multiple transactions complete on the same day all are required to be shown on a single return.  UK residents’ property losses can only be included on a particular CGT return if the loss contract date preceded the completion date for the gain being reported.

Where a person has made previous Sch 2 returns and payments on account...

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