Luxembourg-UK Double Tax Treaty
In 2024 a new Luxembourg-UK double tax treaty will be coming into effect. This will align the treaty with other UK treaties in terms of not providing an exemption from the UK Non-Resident Capital Gains Tax (NRCGT) rules for indirect disposals of UK property.
Updated UK Non-Resident Capital Gains Tax Regulations March 2021
In March 2021, regulations came into force introducing a 10% portfolio exemption from UK Non-Resident Capital Gains Tax Regulations (NRCGT) for non-resident life companies and non UK resident, non-UK property rich CIVs. More details can be found here.
AREF held a webinar discussing the updated NRCGT regulations.
AREF's Non-Resident Capital Gains Tax Event March 2019
AREF held an event for members in March 2019 covering:
- The basic non-resident capital gains tax (NRCGT) rules
- Collective investment vehicle (CIV) regime elections
- Practical considerations for asset managers
Download the slides here.
HMRC Technical Note November 2018
The Government published in November 2018 a Technical Note, along with associated clauses within the Finance Bill, to incorporate the special regime for collective investment vehicles investing in UK property within the wider non-resident capital gains tax rules. More details can be found here.
Government's response to consultation: Taxing gains made by non-residents on UK immovable property in Collective Investment Schemes
In July 2018 the Government published a policy paper: Capital Gains Tax payment window for residential property gains. Alongside this was published draft legislation (excluding funds) and the proposed treatment of funds (Annex A of the Summary of Responses). More details can be found here.
Government consultation: Taxing gains made by non-residents on UK immovable property in Collective Investment Schemes
In the budget on 22 November 2017 the Chancellor announced changes to the taxation of capital gains on real estate disposals by non-residents. This was accompanied with a consultation published by the Government on Taxing gains made by non-residents on UK immovable property in Collective Investment Schemes.
The changes were likely to impact many real estate funds. A working group of AREF Tax Committee held informal discussions with HMRC in respect of rules for collective investment schemes and draft legislation.
AREF held roundtables with members to gauge their views on the Government's proposals. The feedback from the roundtables was used by AREF’s Tax Committee for AREF's response to the consultation.
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