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Extension of Non-Resident Capital Gains Tax (NRCGT)

In the last Budget, the government launched a consultation on extending tax on gains realised by non-UK residents to commercial property. Currently NRCGT is only payable in relation to residential UK land.

These changes are intended to come into effect from April 2019 and are substantial as they will effectively bring commercial as well as residential property held by corporate owners (not just close companies) and disposals of indirectly held UK property within the scope of NRCGT or corporation tax. There will, however, be rebasing from the beginning of April 2019, meaning that historic gains will not be caught.

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Bankside Office

240 Blackfriars Road
London
SE1 8NW
DX 53 Chancery Lane

Telephone: +44 (0)20 7629 7411
Fax: +44 (0)20 7629 2621
Email: bh@boodlehatfield.com

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