Budget 2014 – Consultations

The Government previously announced that it would consult on a new capital gains tax charge on non-UK residents disposing of UK residential property from April 2015. Apart from a renewed promise that the details of this new charge will be released ‘shortly’, no further details were announced in the Budget.

The Government has also announced that it will consult on whether and how individual personal allowances can be restricted so that they are available only to UK residents and those living overseas who have strong economic connections with the UK. Currently personal allowances are available to all residents of the UK, the commonwealth or EEA territories. The proposed changes would bring the UK into line with the approach taken by many other EU countries.