Lee Sharpe looks at how the legislative changes proposed in the draft 2018/19 Finance Bill will affect UK property.
The draft 2018/19 Finance Bill was published on 6 July 2018, and roughly a third of the 220 pages cover changes to property taxation.
In summary, the proposed changes are as follows:
- The offshore Non-Resident Capital Gains Tax (NRCGT) regime introduced in 2015 is to be expanded for non-UK-residents: to all non-UK-resident companies, rather than just to ‘close’ companies as now (amongst others), to both commercial and residential UK land and property, rather than just residential UK property as now, to indirect disposals of ‘property-rich’ entities, with exceptions for certain trading entities
- The CGT aspect of the Annual Tax on Enveloped Dwellings (ATED) regime is to be abolished
- The administrative
