Major changes on the way in the UK
As the UK moves, not smoothly, not inexorably, but tangibly toward Brexit, there is another major change on the horizon for real estate investment in the UK which is due to take effect just eight days after the planned exit date.
In the UK Budget of November 2017, the Chancellor announced the government’s intention to extend the scope of UK capital gains tax to include direct and indirect disposals by non-UK residents of all UK immovable property (i.e. land and buildings), with effect from April 2019. On 6 July 2018, the government published initial draft legislation and a consultation response document in relation to this proposed extension of non-resident capital gains tax (‘NRCGT’) to all UK property.
REflexions issue 8 - October 2018
REflexions is a bi-annual digest, dedicated to the real estate investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients.