The proposals on CGT for non-residents

On 28 March 2014, the government published a consultation paper on its proposals for charging tax on capital gains made by non-residents from disposals of UK residential property. It seeks to address, in a way which is fair and sustainable, the perceived unfairness of non-resident individuals and companies not paying tax on disposals of UK residential property when resident individuals and companies would do so. Proposals to change the principal private residence exemption will have knock-on effects for UK residents as well, and are likely to lead to an increase in the cost and timescale of transactions.