From April 2015, the government have introduced Capital Gains Tax on future gains made by non UK residents who sell residential property in the UK. There will continue to be no change to the taxation of non UK residents who have ownership of UK commercial property.
The gain will be calculated on the increase in the market value of the subject property.
In view of this, obtaining a market value of the subject property from a reputable firm of Chartered Surveyors is a highly recommended course of action.
Copping Joyce are Chartered Surveyors and experts in the valuation of residential property particularly in the London area having been based in Central London since 1898.
Please contact Richard G Alford BSc MRICS for further information.