UK and International Tax news
HMRC Response To CGT And Non Residents Consultation
Monday 8th December 2014
HMRC has recently released its summary of responses to its consultation document on ‘Implementing a CGT Charge On Non Residents’, originally published in March 2014.
The consultation closed on 20 June 2014 and the government received almost 100 responses from a range of organisations and individuals, including industry bodies, property professionals, fund managers, property investors, tax specialists, lawyers and individuals. HMT and HMRC have also held several working groups with a range of stakeholders to discuss particular aspects of the extended CGT charge including specifics of the policy design and practicalities of implementing the changes.
HMRCs summary now sets out an executive summary of decisions taken and how the extended CGT charge will operate. In particular, it sets out:
(i) key design features as regards what is in scope of the charge;
(ii) key design features as regards who is in scope of the charge;
(iii) the rate of tax and reliefs for companies in scope of the charge;
(iv) the rate of tax and reliefs for individuals in scope of the charge, and
(v) the administration of the charge.
Draft legislation will be published for consultation as part of the draft Finance Bill 2015. HMRC points out that the government recognises the extension of CGT to non-residents is a significant reform that will affect a range of people, and intends to continue to engage with stakeholders on the draft legislation and the details of how the policy will apply.Contact Us