HMRC Consultation on amending Non-Resident Capital Gains Tax Rules

After months of waiting, we have some really positive news on NRCGT.

HMRC has published a consultation on draft regulations to amend the non-resident capital gains rules, specifically to address instances where disproportionate burdens can arise for certain investors introducing a 10% portfolio exemption for non-resident life companies and non UK resident, non-UK property rich CIVs, with retrospective effect from April 2019. As you are all aware, the Investment Association and AREF have been lobbying extensively for this exemption for over a year and this is a really positive outcome.

The consultation closed on 16 December - you can view the joint response from The Investment Association and AREF here. 

Author

Anshita Joshi

Tax Advisor, AREF

Anshita Joshi is the Tax Advisor at AREF and is responsible for developing and leading AREF’s tax agenda on issues relating to corporate and fund tax matters including VAT and withholding taxes. Anshita has over 15 years of experience in dealing with investment management tax matters, having previously at PwC as a Senior Manager in the asset management tax team.