En Voyage Issue#16 Flickbook

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LTS Tax Limited A local firm of Chartered Tax Advisers focused on delivering high quality services and practical solutions, led by a management team combining over 100 years of professional experience. Guernsey and UK tax advice Preparation of tax returns UK residence and domicile planning Inheritance tax planning Emigration and immigration planning Trust tax advice and compliance Fund taxation and reporting obligations Estate planning and executorship services Advising on real estate holding structures ATED Gains on UK property for non-UK residents Private client services Pensions including: RATS / QROPS / QNUPS / IPPs / EBTs / EFRBS PO Box 20, Les Echelons Court, Les Echelons, St Peter Port, Guernsey, GY1 4AN T: +44 (0)1481 755862 www.lts-tax.com E: taxenquiries@lts-tax.com 102 En Voyage | Aurigny’s Magazine
Business UK TAX ON THE SALE OF UK PROPERTIES OWNED BY NON-UK RESIDENTS BY NATALIE CHAMBERLAIN, ASSOCIATE DIRECTOR, LTS TAX LIMITED HM Revenue and Customs ('HMRC') are implementing significant changes which will subject gains realised on the disposal of all UK real property made by non-UK residents to UK tax. This will include commercial property; retail, offices, factories and agricultural land. Prior to April 2019, only gains arising on the disposal of UK residential property made by non-UK residents were subject to UK tax, with gains arising upon the disposal of UK commercial property falling outside the UK tax charge. Under the new regime, non- UK residents disposing of any UK property will be subject to UK Capital Gains Tax ('CGT') on any gain arising. Non- UK resident companies will be liable to Corporation Tax ('CT') on any gains arising. THE RATES OF TAX For individuals the applicable CGT rates will be the same as for UK residents and will depend on the level of other UK taxable income and whether the disposal is of commercial property (currently 10% or 20%) or of residential property (currently 18% or 28%). Non-residents will be entitled to the normal CGT reliefs and exemptions i.e. the annual exemption which will be £12,000 for 2019-20. Non-resident companies, which were previously subject to non-resident Capital Gains Tax ('NRCGT') at 20% in respect of gains arising on the disposal of residential property, will from April 2019 be subject to CT on the disposal of all UK property. The applicable CT rate will be the same as for UK resident companies which is currently 19% but falling to 17% in April 2020. For disposals by non-UK resident individuals or trustees of nonresidential property, there will be a rebasing option so that only gains that accrue post 6 April 2019 will be exposed to CGT. For companies subject to CT on their property gains, the rebasing date is 1 April 2019. There will also be an option to calculate the gain or loss using the original acquisition cost of the asset if this is beneficial. For companies that become UK resident post April 2019, the uplifted base cost will continue to apply, so as to not prevent non-UK resident companies from “on-shoring”. INDIRECT INTERESTS Indirect interests in UK property will also fall within the new regime. The indirect interest rules will apply where an individual makes a disposal of an entity that derives 75% or more of its gross asset value from UK land. There is an exemption for any investor who owns less than a 25% interest. A disposal of an indirect interest will most commonly occur when shares in a company holding UK property are disposed of. However, interests held in partnerships, trusts or UK Real Estate Investment Trusts by way of options or other rights over property will also be taxed. There will be a trading exemption for entities that are trading before and after the disposal where the land is used in the trade. LOSSES Losses arising to non-UK resident companies under the new rules can be offset against any other company gains. Losses arising to non-resident individuals and trustees can be offset against other property gains. REPORTING A DISPOSAL TO HMRC For companies, the disposal needs to be reported in the annual CT return and tax paid within nine months of the end of the accounting period. For individuals and trustees, disposals will need to be reported to HMRC within 30 days of completion, with a tax payment on account also being due on that date in most cases. However, if the investor is already within the self assessment regime, the disposal can instead be reported on their annual UK tax return. ATED Annual Tax on Enveloped Dwellings (ATED) related CGT, which has applied to highvalue residential properties owned by companies since 2013, will be abolished with effect from April 2019. 103
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FREE TO TAKE AWAY Aurigny’s leisu
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TRAVEL MAKES ONE MODEST. YOU SEE WH
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CONTENTS 7 WELCOME ABOARD! Message
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1968 Founded 16 MILLION Aurigny car
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WELCOME ABOARD! MARK DARBY CHIEF EX
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AURIGNY NEWS The approach into Sout
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AURIGNY NEWS GUERNSEY AIR CADETS GE
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OWN THE VIEW GUERNSEY’S NEW SEAFR
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En Voyage GUERNSEY OFFSHORE ADVENTU
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En Voyage Issue#16 Flickbook

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