The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
As part of the changes introduced by FA 2019, Sch 1, TCGA 1992, Part 1 was rewritten. The new TCGA 1992, Part 1 largely restates the existing law but also includes additional provisions to bring disposals by non-UK residents of UK land from 6 April 2019 within the charge to tax. The rewrite was intended to modernise and simplify the structure of the UK capital gains rules as well as to accommodate the rules on disposals of interests in assets relating to UK land by non-UK residents. Where the legislation has been restated, the legislative links to the previous law shown in this guidance note are for reference only. The former text of TCGA 1992, Part 1 ― before substitution by FA 2019, Sch 1 ― is set out in full at the end of the rewritten TCGA 1992, Part 1 in the Yellow Tax Handbook.
Non-resident companies are not normally liable to tax on chargeable gains even if the assets disposed of by the company are situated in the UK. The main exceptions to this are:
**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
To view our latest tax guidance content, sign in to Tolley® Guidance or register for a free trial.