The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The non-resident capital gain tax (NRCGT) regime was first implemented in 6 April 2015 to apply to non-UK residents disposing of UK residential property and is referred to as the NRCGT 2015 regime below. It was extended with changes to the regime from 6 April 2019, referred to as the NRCGT 2019 regime below.
The changes effectively rewrote the provisions of the original NRCGT regime and extended it to include transactions in land generally. This includes the disposal of non-residential UK property and indirect disposals of UK property with effect from 6 April 2019. The result is that all disposals of interests in UK land (including buildings) by non-residents are now within the scope of NRCGT.
For detailed commentary on the other aspects of NRCGT disposals, see the guidance notes detailed below. Many of these guidance notes also look at aspects affecting the disposal of a main residence. However, the purpose of this guidance note is to draw out those elements of the NRCGT regime that apply specifically to the disposal of a dwelling house that has at some point been a main home. It looks at the application of principal private residence relief (PPR relief, also known as only or main residence relief or private residence relief).
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Interest can best be thought of as compensation for the use (or retention) by one person of a sum of money which belongs to another. Therefore, in order for a payment to be interest, there must be a principal sum on which the interest is calculated and both amounts (the principal and the interest)
This guidance note provides an overview of what conditions need to be met before a business is entitled to treat VAT incurred as input tax. This note should be read in conjunction with the other notes in the ‘Claiming input tax’ subtopic. For a flowchart outlining the procedure for claiming input
IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
Taxpayers may wish to consider basic tax planning arrangements in use the capital gains tax annual exemption. This type of tax planning is often reviewed at the end of the tax year.This guidance note first looks at the annual exemption in detail and then various tax planning strategies that might be