The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2019 came into force in April 2019 and established that non-resident investors in UK property-rich funds are liable to capital gains tax.
A fund is determined as ‘property-rich’ if it has at least 75% of its assets invested in property.
HM Revenue and Customs recently rolled out a consultation to seek views on draft amendment to the legislation.
Speaking at International Adviser’s Fund Links Forum on 17 October; Peter Kenny, chief executive of Old Mutual International, highlighted that how the lesser known, and very wordy, regulation is hitting life companies with a hefty tax liability.
