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UK Residential Property and Non-Resident Owners

Bob Dylan may have said it best: “the times they are a-changin”. This statement is particularly relevant with regard to UK residential property tax over recent years, with a multitude of changes being made by the Conservative Government, resulting in a mishmash of tax law and layers upon layers of new rules being added, often affecting several areas of taxation that have competing priorities. These changes have increased the complexity of residential property tax and made compliance much more prone to error. In addition, further changes have already been earmarked for the next few years, one of which may radically change the way taxpayers deal with HM Revenue & Customs (“HMRC”), the UK tax authority, for UK tax compliance on their property rental businesses. This article provides a summary of the pertinent parts of each of the changes made, with a focus on how they have or will affect non-resident owners of UK residential property.