Taxation of chargeable gains: review of treatment of commercial property held by persons with foreign domicile

Finance Bill – in the House of Commons at 4:30 pm on 31st October 2017.

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“(1) The Taxation of Chargeable Gains Act 1992 is amended as follows.

(2) After section 14 (non-resident groups of companies), insert—

‘Review of treatment of commercial property held by persons with foreign domicile

(1) Within three months of the passing of the Finance (No. 2) Act 2017, the Commissioners for Her Majesty’s Revenue and Customs shall complete a review about the taxation of chargeable gains held by persons with foreign domicile.

(2) The review shall consider in particular the implications if the treatment of commercial property were to be the same as the treatment of residential property under section 4BB(2).

(3) The Chancellor of the Exchequer shall lay a report of the review under this section before the House of Commons within three months of its completion.’”.—(Stella Creasy.)

This new clause requires a review to be undertaken of the treatment of capital gains on commercial property disposed of by UK taxpayers with a foreign domicile.

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The House divided:

Ayes 279, Noes 309.

Division number 30

See full list of votes (From The Public Whip)

Aye

No

Question accordingly negatived.

Schedule 2