No More Tax Exemptions
Hands up if you still own a property in the UK, but have residential status in Tenerife, or indeed anywhere else in the world?
If you’re one of the many thousands of expats, who decided to keep a foothold in the UK property market, ´just in case´, then potentially, you may well be out of pocket when you decide it´s time to sell. This is yet another one of the latest steps in a series of significant changes affecting the taxation of UK residential property in recent years. Up until the 6th of April 2015, non-UK residents have always enjoyed being exempt from Capital Gains Tax (CGT) on private residences, and also had the right to claim Private Resident Relief… regrettably for many, this is no longer an option – the rules have now changed! Capital Gains Tax (CGT) has been extended to non-UK residents with effect from the 6th of April this year.