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Technical updates - Published 18th January 2014

Non residents disposing of residential property

From April 2015 a capital gains tax charge will be introduced on future gains made by non-residents disposing of UK residential property. This is a
fundamental change to the treatment of non-residents, and a consultation on how
best to introduce it will be published in early 2014.

This change highlights the need for non-residents to carefully consider their tax position when acquiring and disposing of property in a foreign country. In general, most countries do tax non-residents when they dispose of residential property, and the proposed changes will bring the UK into line with this underlying tax treatment.

This article provides some initial insight into how various countries tax non-residents disposing of residential property. From the countries considered, it can be seen that there is a remarkable variety of treatment. Not surprisingly, no two tax systems are the same, and specific local advice will be necessary to appreciate the intricacies of the applicable tax regime.

I am grateful to the contributions provided by the member firms of HLB International in each of the countries considered in this article.

Read the extended tax update for changes concerning Australia, Canada, China, France, Italy, India, Singapore and the USA.

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