There are many properties in London owned by non-residents who have been able to benefit from capital gains without paying tax and a change in this area has been expected for some time. Following the consultation in summer 2014 the government has decided to introduce the charge for gains from April 2015. There will be legislation in due course but this may affect a number of our clients who may wish to plan for an early sale.
This is a summary of the law as it currently stands but may may change once the legislation is introduced so you should seek professional advice before taking any steps based on the contents. If you would like advice in this or other areas feel free to call. Alastair Wood, AW Accounting, Gravesend, Kent – Accountants who “speak your language”