10:24 AM, 3rd December 2014, About 7 years ago 1
HMRC has released proposals detailing the Capital Gains Tax on non-residents expected to be confirmed during tomorrow’s Autumn Statement.
Initially announced in 2013’s Finance Bill to apply from April 2015, the changes will be introduced in a spirit of ‘fairness’, while providing a much needed tax boost to the Exchequer. The Government are also cracking down on UK residents electing second homes as their main residence.
There has also been clarity on the position for non-residents having a home in the UK. They will obtain private residence relief (PRR) (i.e. relief from CGT if the property is your main home), if they meet the ’90 day rule’ i.e. the PRR will be available for the tax year where the property is used as a main residence for more than 90 days.
Now the interesting part……….. ‘The rule will now be applied to UK second home owners as well.’
Looking like the exit strategy for landlords may change ???
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