Non-UK Resident Capital Gains Tax

Posted on 09/03/2017 at 10:41

Non-UK resident clients who own a property or properties in the UK are reminded to notify us as soon as they dispose of their UK property or properties. This is because a return will need to be prepared and submitted within 30 days of conveyancing. Penalties for failure to submit a return can go up to £1,600.

Any capital gains tax to pay will need to be paid after the return is submitted or if the client has a tax reference number and regularly submits tax returns, then this can be deferred and paid by 31 January following the tax year when the disposal occurred. Interest is charged on late payments of this tax.