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As an afterthought, there may of course be a liability to tax in the jurisdiction in which the vendor is resident.
I am Sam and I have a differing opinion
I am afraid the legislation is set to change after 05/04/2015 - so maybe you need to consider a sale before that date or be aware that any sale after 05/04/2015 - will have the gain accrued from 6th April 2015 to the actual sale date - as arising in the UK and liable to capital gains tax.I have added the legislation here which offers the advise of the frequently Q & A re this new legislation - which will be added officially onto the HMRC website after 05/04/2015 - when its legislation implemented. Let me know if you have any follow up questions
This relates to all property - when you are a non resident
Sorry to defer again to the new legisaltion but it applies to all property when the individual is not resident - the FAQ only makes reference to homes to make the advise easier to follow -
However - as an afterthought - if you have this non residential property - were you collecting rents on it - or using it within a trade - as there may be some further reliefs that might apply if a liability arises through a post 6th April sale or a remianing liability of used within a tarde setting, and that you have a compoany here in the UK
By rental income my colleague appears to be attempting to draw your attention to Lettings Relief. In any event this is merely of academic interest.
The new rules apply only to residential property disposed of by non residents post April 2015. This is reiterated all over the net. Apart from Gov UK web sites have a look for example at the advice from Berkeley Law, Solicitors, you will find it here:
It says exactly the same.
I was refering to entreprenuers releif or business asset roll over releif to name a few
HMRC state that
2.5 In this respect, the CGT charge on non-residents will differ from the approach the government has introduced for enveloped property where ATED and the ATED-related CGT charge1do not apply to property rental businesses. For the measures introduced as part of the ATED regime, it was appropriate to exclude genuine businesses from the scope of the charge, as the main focus was the avoidance of SDLT through holding property in corporate envelopes.
Business property is excluded as
1) It usually is treated as an asset of any trading business so subject to Corporation tax (if a Limited company) and Capital gains tax (if sole tarder or partnership) or
20 if no exisitng tarde then the normal capital gains regime applies to the disposal of the property whether you are a resident or not as its commercial property.
I would advsie you write to HMRC for a formal ruling as this is not fair on you at all and I would hate to see you mot pay what is due - and end up with problems with any tax and penalties owed or any future visit to the UK and all I want is for you to get the correct information
I advsie you write an email to the Non Resident team
Link here for the options