CGT as per Autumn Budget

Delphina

Hello

From April 2015, non-residents will have to pay CGT on their UK properties, I think, only taking into account any gains arisen from 2015 onward.

Assuming the govt goes ahead with this CGT change...
Does this mean if one decides to emigrate, leaving any UK properties rented might not the best way forward anymore? Will only gains from April 2015 be taken into account when any UK rental properties belonging to British expats are sold, too? Will it be OK to sell one's main home within 18 months after having left the UK, to benefit from 18-month PPR?

Thankyou very much in advance.

Delphina

Any advice?

zygurat789

CGT Non residents and UK 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. A consultation on how best to introduce this will be published in early 2014 on GOV.UK.

This is copied text from the treasury website.
This is not an Autumn Budget it is an Autumn Statement and as there is no new law being made the details are a bit sketchy and will be firmed up in (presumably) March

chrismac1

See other post today in another thread. The UK residential property market is set fair in my view until at least the General Election. As much as any market is ever a one-way bet, this is it.

Even if someone is a higher rate taxpayer, a focus on a tax bill should not affect a decision to leave a strongly rising market unless the tax bill will outweigh the profit.

The devil can be in the detail, and given that this was a "stealth" change in the Statement, the detail needs watched. But as a nation we need to build over 200,000 new homes a year and we are barely clearing 100,000.