The proposal is that from April 2015, for gains arising from that date, CGT will be charged on non-residents’ gains on UK residential properties. The consultation looks at how the charge can be implemented, the impact on differing forms of ownership and at what rate of tax.
Part of the proposal will affect UK residents. Currently, where a taxpayer has more than one residence, it is possible to elect which one is to be treated as the principal residence so that private residence relief (PRR) will apply to the gain on the elected property. To prevent non-UK residents simply electing that the UK residence is their PRR, it is proposed that the taxpayer will have to demonstrate which residence they have occupied in the main during the year. This new rule would apply to UK residents.
Responses to the consultation are required by 20th June 2014, however, to allow HBF time to collate member response please reply by 9th June 2014 to Michael.firstname.lastname@example.org.
Home Builders Federation
London, SE1 9PL
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