No surprises for Capital Gains Tax
Parliament had already outlined its intentions regarding CGT in the Autumn Statement, confirming that it will introduce a tax charge on non-UK tax residents who dispose of residential property after 6 April 2015. No details have been released and consultation is expected with legislation to be included in Finance Bill 2015.
As also previously announced, the final period of automatic exemption under Principal Private Residence relief has been reduced from 36 months to 18 months with effect from 6 April 2014.
The annual exemption for Capital Gains Tax has been increased by £100 to £11,000 for 2014/15 and to £11,100 for 2015/16.