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What is involved for non-resident trusts and Capital Gains Tax?

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Asked on 10 May 2016 3:12 pm
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Capital Gains Tax is a tax on the gain in the value of assets such as shares, land or buildings. A trust may have to pay Capital Gains Tax if assets are sold, given away or exchanged (disposed of) and they’ve gone up in value since being put into trust.

Non-resident trustees don’t usually pay UK Capital Gains Tax. Instead, the settlor or the beneficiaries may have to pay tax on gains made by the non-resident trustees. But if you are a non-resident trustee and dispose of a UK residential property you may be liable to pay Capital Gains Tax. The tax rate for non-resident trustees is the same as for resident trustees and the annual exempt amount is also available.

You must report disposal of a UK residential property to HMRC within 30 days of the disposal using their online form.

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Posted by (Questions: 167, Answers: 173)
Answered on 10 May 2016 3:13 pm