The Blacktower Group obtains Cyprus licence

From April 6th this year, individuals who do not spend sufficient time in the UK, or have insufficient ties with the UK to be resident there for tax purposes but who nonetheless own a home in the UK, may now need to pay capital gains tax (CGT) on any gains arising on the eventual sale of the property. 

How will the tax work?

Only gains made from 6th April 2015 are taxable in calculating the gain on the property disposal i.e. non-UK resident property owners will substitute the value of the property as at 6th April 2015 for its actual acquisition cost, thereby rebasing the value to its market value as at that date. Alternatively, property owners may elect to calculate the gain by using the actual acquisition cost but paying tax only on the time-apportioned post-5th April 2015 part of the gain.

If the non-resident usually files a UK self assessment tax return any gain must be included in the appropriate year’s return, otherwise any tax must be paid within 30 days of completion.  Non-residents will continue to be exempt from CGT on disposals of commercial property and other assets.

As we all know we have been told time and time again that, because of the world´s economic state, we all have to pay as much tax to the governments as humanly possible and that, if we try to hide any money, we will be heavily penalised. Well, yet again it has been proved that there is one rule for us and another rule for them – by them I mean the 1% that are super wealthy, politicians, or large corporations. 

Governments, tax authorities, journalists and experts on tax evasion and avoidance on Monday were digesting news of a major leak of confidential and reportedly revealing documents from a Panamanian law firm. Some are calling it the biggest leak of confidential information ever to hit the global financial services industry.