In the 2017 Autumn Statement, Chancellor Philip Hammond announced that from April 2019 tax will be charged on gains made by non-residents on disposals of all types of UK immovable property, extending existing rules that apply only to residential property. From 2019, gains on UK Property will be subject to either Capital Gains Tax or Corporate Income Tax, depending on how the property is held. The proposed changes will likely have a dramatic impact on 'offshore' structures established to hold UK commercial property and facilitate investment from both domestic and foreign investors.
