Over the past few years there have been significant changes to the taxation of UK residential property.
The government’s changes include:
- Introducing new taxes on high value UK residential property held by companies, partnerships with a corporate partner and collective investment schemes.
- Increasing certain taxes on UK residential property.
- Extending capital gains tax (“CGT”) to non-UK residents disposing of UK residential property.
- Various inheritance tax (“IHT”) changes.
To those not significantly in the know, navigating through the changes can be complex and difficult so we have provided an outline of the changes and the rules as at September 2015. In particular, we explain those changes that affect the non-UK domiciled purchaser of UK residential property.