Published 25th September 2018; Updated 15th November 2018 / April 2021
The content of this newsletter applies to non-UK Companies holding UK investment property and which derive most or all of their UK income from the property.
With effect from April 2020 all non-resident UK property rich Companies have been subject to the full UK Corporation Tax regime instead of the previous simplified income tax regime. The note from HMRC reads as follows:
The accounts and balance sheet as prepared under the company’s jurisdictional statute or constitution will be required. If the taxonomy is non-UK or non-US GAAP e.g. Swiss/French/Lux/BVI then accounts are to be sent in as an untagged PDF but the computations will require iXBRL tagging. Where no formal accounts are required under the home jurisdiction, a set of management accounts with P&L and balance sheet should be filed.
iXBRL tagging is a hidden tag applied to key entries in a submitted document that indicates to the HMRC software for entry validation.
If you want to know how to file a UK Corporation Tax Return for your non-UK company and what documents must be filed with the Return please contact us.
The information contained in this newsletter is believed to be correct at the time of publication. The content of this newsletter is intended to be a brief summary of the principal points of the legislation or proposed legislation only, and it is provided for general guidance only. It may not take into account subsequent changes in the law and of necessity it omits much detail. Taxation is a complicated subject and is subject to change. You should only rely on advice prepared specifically for you. Neither the writer nor Landlords Tax Services Ltd can be held liable for any loss arising from any act or omission by you as a result of your understanding of this article. If the subject matter is of interest you should contact us to see if there is a relevant update, and to take professional advice which takes into account your circumstances.
Landlords Tax Services Ltd, specialises in the taxation of residential property income and gains and more than half its clients are resident outside the UK. If you would like specialist help contact Maurice Patry F.C.A .at firstname.lastname@example.org or for more information visit our website at Landlords Tax Services Ltd.
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. All Rights Reserved - In an article such as the one on this page we can only give brief general guidance and cannot cover all situations. This guidance may not cover all your personal circumstances and so you should not rely on it. Before taking action or not, always do your own specific research and seek appropriate professional advice which takes into account your personal circumstances, with the full facts of the case and all documents to hand. Neither Maurice Patry F.C.A. nor Landlords Tax Services Ltd can be held responsible for the consequences of any action or the consequences of deciding not to act.