argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: U.K. - non -resident subjects - taxation of real estate sales

If a non-UK resident sells a property in the United Kingdom, he must pay a tax in the United Kingdom. For non-resident subjects, this tax on profits deriving from the sale of properties located in the United Kingdom was introduced only starting from April 2013 (or April 2015, depending on the property sold), while the profit deriving from the sale of commercial real estate has been taxed only since April 2019. Before those dates, the United Kingdom allowed non-residents to make profits from investing in property in the United Kingdom, without the said taxes being subject to tax.
Until April 2019, non-resident companies were generally subject to the capital gains tax (CGT) on their earnings from UK residential properties. Now, however, they are subject to Corporation Tax and the profits of non-UK resident companies from UK-owned commercial properties are subject to corporation tax. The introduction of corporation tax on residential property will result in a reduction in taxes paid by non-resident companies. Until April 2019, non-resident companies that owned residential properties generally paid UK capital gains tax at the rate of 20% or 28% (depending on ownership). From April 2019, the corporate tax rate is applied, currently 19%, but is expected to fall to 17% from April 2020. Furthermore, only increases in the value of residential properties after April 2015 are generally subject to the new corporate income tax.