From 6 April 2020 any non-UK resident companies that carry on a UK property business, or have other UK property income, will now be liable to corporation tax on their profits, as opposed to falling within the charge to income tax.

Broadly, the profits chargeable to corporation tax will be calculated on the same basis as income tax. However, there are certain specific rules and restrictions under corporation tax that will need to be considered by affected companies and their advisors.

This briefing note is intended to provide an overview of both the technical and practical aspects of transitioning to, and operating within, the corporation tax regime.

Despite these guidelines, every company will have a different set of circumstances which will require specific detailed consideration and advice.

For further information please contact Linda Bertolissio or Riina Rintanen.