According to some accountants, Overseas Landlords should get these properties now, even if they have no intention of selling. Some warn that failing to get a property valuation as soon as possible could mean they end up paying more tax when they do eventually sell.
The advice relates both to ex-pats and to foreign nationals with rental properties in the UK. Clearly, everyone needs to take their own professional advice suited to their own circumstances, but according to Carol Cheeseman of Cheesemans Accountants, changes to CGT have important implications.
Until April 5, non-UK residents could potentially dispose of UK assets without incurring a charge to Capital Gains Tax Liability. From April 6, a charge to CGT will arise on non-UK residents who dispose of UK residential property.
Importantly, she says, the charge will only be applicable to gains accruing after April 6.
Please contact us on 01244 316338 and we would be delighted to help with a valuation or for further information. We look forward to hearing from you.