Following recent changes with HMRC, Non Resident Capital Gains Tax will now be applicable on the sale of property for Landlords who live overseas.
Any tax due is on the increase in value from the 6th April 2015 to the date of the sale. We are recommending instructing an agent to formally value your property now, to avoid any overpayment of tax or disputes with HMRC in the future should you decide to sell.
If you wish to undertaken a valuation, please let us know who you would like to attend to undertake the valuation so we can arrange access with your tenants.
For more information on how this could affect you, visit the HMRC website: https://www.gov.uk/capital-gains-tax-for-non-residents-uk-residential-property, or speak to your tax advisor. If you would like the contat details for our tax advisors, please give us a call in the office on 01792 430100.