The current approach to Capital Gains Tax (CGT) on property in the UK is complex. There is a divergence in the treatment of residents and non-residents in respect of non-residential property. On top of this, there is a variation in the CGT treatment depending on the type and value of property being disposed of.
- A UK resident is liable for Capital Gains tax if property held as an investment increases in value.
- A non UK resident will pay capital gains tax on Residential properties based on a Market Value of April 2015 (when there was a change to the law) or if they acquired the property at a later date, the value at that point.
- A non UK resident will be capital gains tax on Commercial properties based on a Market Value of April 2019 or if they acquired the property at a later date, the value at that point.
We recommend you confirm your tax liabilities with a qualified accountant and/or tax advisor. If you are liable to pay CGT on the disposal of your property, our qualified Chartered Surveyors (who are also RICS registered valuers) at Copeland Yussuf have the necessary knowledge and expertise to carry out surveys across the United Kingdom.
Capital gains tax may be payable when you are ‘disposing of’ a property that has increased in value. Your tax obligations are calculated on your gains rather than the selling price.
For capital gains tax, ‘disposing of’ a property includes:
- Selling it
- Trading it for another property or asset
- Gifting it to somebody else
- Gaining compensation, such as an insurance pay-out
We are Registered Panel Surveyors for:
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