From 5 April 2015 a new capital gains tax charge applies to non-residents disposing of UK residential property.
Fortunately, only the gain that arises after this date is assessable to the new tax. The default way to calculate the chargeable and non-chargeable gain is to obtain a professional valuation as at 5 April 2015; with only the increase in value after this date being chargeable to tax.
It may be possible to attract principal private residence (‘PPR’) relief to reduce the gain, if the individual stays in one of their UK properties for 90 days or more.
What do clients need consider before 5 April 2015?
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