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Non- Residential Capital Gains Tax (NR CGT) charges

27th May 2015

April 2015 saw the introduction of capital gains tax charges for non-residents disposing of UK property. Gains are calculated based on the period from 6 April 2015 to the date of disposal.

The new rules introduce further complication and administrative headaches for practitioners. The regime requires a NR CGT return to be submitted to HMRC within 30 days of the conveyance of the property, regardless of whether there was any tax payable, or if the taxpayer is required to report on their own self-assessment tax returns.

In addition to this, any payment due must also be made by the same deadline, yet requires that a NR CGT return be submitted already. If the taxpayer is registered for tax in the UK, then they can elect to pay the NR CGT due at the same point as their normal self-assessment tax – by 31 Jan of the year following the disposal year.

The return can only be filed online, and late filing and payment will be subject to penalties, and interest.