In April 2019, changes to the taxation of UK real estate held by non-UK residents took effect.
This means that capital gains accruing on any UK property, both commercial and residential, will now be liable for UK tax. Properties not already chargeable to tax will be rebased to Market Value as at 6th April 2019 for this purpose.
With UK commercial property values currently at record levels in most sectors, now is a good time to undertake valuations to hold on file ahead of any future property disposals. Contemporary valuations, rather than post-dated valuations procured in the future, should hold more weight with HMRC for tax assessment purposes.
Acting now ensures the process is easier and more convenient for non-UK property owners. Owners need not file the valuation with the UK tax authorities, but when you sell a written valuation done at the time is unlikely to be challenged. Of course, this does not prevent you getting another valuation later should property prices start to rise again, however it is a sensible step to protect assets given the current uncertain outlook.;