24 Mar 2021

In November 2020, HMRC 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.  The consultation closed on 16 December - you can view the joint response from The Investment Association and AREF here

On 24 March 2021 the amendments to the rules came into force. As you are all aware, the Investment Association and AREF lobbied extensively for this exemption for over a year and this is a really positive outcome.


Anshita Joshi

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.