UHY Ross Brooke Chartered Accountants
As of 1 August 2022, the Register of Overseas Entities has come into force in the UK. The new Act requires the Beneficial Owners (BOs) of overseas entities who buy, sell or transfer property in the UK, to register the entity with Companies House and provide details of the BOs
Are you, or do you know anyone, based overseas, and letting property in the UK? By Tom Annat Non-resident landlords As with most tax systems around the world, the UK adopts the concept of “source taxation”. This means that the UK will have the right to tax certain income, profits
Why does this matter? For UK property rental business profits arising after 5 April 2020 to a non-UK resident corporate landlord (“NRCL”)then that company must pay UK corporation tax on those profits, rather than income tax. The existing UK income tax registrations, which would facilitate the payment of income tax