Close Menu

UK to close property developer offshore tax loophole

23 June 2016

UK to close property developer offshore tax loophole

 

The UK has published legislation to bring into force amendments to the tax treaties between the UK and the Crown Dependencies Guernsey, Jersey, and the Isle of Man.

These agreements will allocate the taxing rights over profits from immovable property to the territory in which the property is situated. When enacted these changes will apply from March 16, 2016.

In addition to the tax treaty amendments, legislation will also be enacted to tax trading profits derived from land in the UK. Those rules will apply equally to resident and non-resident businesses, and will not depend on the existence of a "permanent establishment" in the UK.

Back to News

Related News - Whitmill expands into the United Arab Emirates

Read full story

Related News - Significant proposals announced by UK Government will affect foreign owners of UK property

Read full story

Related News - Private Equity firms see the development of personal relationships as key to deal flow

Read full story