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Capital Gains Tax - Non-Residents disposing of UK Residential Property

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By Caroline Foulger

From 6th April 2015 any Non-Resident Individual, Trustee or Close Company will need to submit a Non Residents Capital Gains Tax Return (NRCGT Return) within 30 days of completion of the sale, when selling UK residential property.

It is worth noting that only the gain from 5th April 2015 will be chargeable but even where there is no gain to report, the NRCGT Return has to be submitted.

Gains on property disposals will be taxable with reference to the rate which would apply on any other gains, 28% for Trustees, 20% for companies and 18% or 28% for individuals, depending on the level of their UK source income in the year. The tax will also be payable within 30 days of completion unless the Non Resident is already within the Self Assessment regime. In many cases it will be difficult to know the exact amount of tax due at the date of making the return so an estimate will have to be paid and any under or over-payment corrected after the end of the tax year.

If Non- Residents own residential property which they do not intend to sell for some time, they should consider obtaining a valuation as at 6th April 2015 to support a future Capital Gains Tax calculation.


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