When it comes to auspicious dates, 5th April 2015 is certainly one for all who represent Non UK Resident Landlords.
From 5th April 2015 all Non UK Resident Landlords become liable for Capital Gains Tax (CGT). However, the good news is that the “Gain”, calculated only when the property is sold, is only taken from the value as at 5th April 2015.
For this reason many Non UK Resident Landlords are requesting a special CGT Valuation by registered Valuers of the Royal Institution of Chartered Surveyors (RICS), in accordance with the RICS guidance manual, the “Red Book”...... more .......
When it comes to auspicious dates, 5th April 2015 is certainly one for all who represent Non UK Resident Landlords.
From 5th April 2015 all Non UK Resident Landlords become liable for Capital Gains Tax (CGT). However, the good news is that the “Gain”, calculated only when the property is sold, is only taken from the value as at 5th April 2015.
For this reason many Non UK Resident Landlords are requesting a special CGT Valuation by registered Valuers of the Royal Institution of Chartered Surveyors (RICS), in accordance with the RICS guidance manual, the “Red Book”.
Establishing a professional and contemporaneous valuation then becomes the Landlord’s evidence when negotiating with HMRC the correct amount of Tax to pay in the future.
The charge will apply to non-resident individuals, non-resident partnerships, non-resident trustees and non-resident companies. It does not apply to the sale of commercial property or residential property that is a principle private residence. For obvious reasons this is unlikely for the non-resident Landlord, as they need to establish 90 days occupancy during each tax year. This is one for well versed tax lawyers and accountants to give advice on.
The rates of tax will be 18% or 28% for individuals depending on their total chargeable gain for the tax year. Non-resident trustees pay 28% and non-resident companies 20%.
Woodward Chartered Surveyors have six Registered RICS Valuers and are offering a special reduced fixed fee of £400 plus VAT for anyone requiring a CGT Valuation in our core area of Oxford to Oxford Street, on property up to a value of £1,000,000, until then of June 2015. Valuations outside our core area or at a higher value are individually quoted.
Accountants have already recommended this course of action to clients and we have just completed the valuation of a substantial portfolio in Canary Wharf.
If you would like further advice please contact Woodward Chartered Surveyors.
"Although housing has climbed the policy agenda, with supply issues dominating the private housing market, our forecast suggests that the likely increase in prices in 2016 will outstrip any rise in household income." Read the full story:
Oddly, those landlords who are non UK resident have not had to pay Capital Gains Tax (CGT) when selling their UK investment property. The government have however confirmed that this perk, or perhaps oversight, is to be abolished from April 2015.
But this “levelling of the playing field” between ...more ...