The UK tax authority, His Majesty’s Revenue and Customs (HMRC), has released new guidance for non-UK resident companies involved in the property sector within the United Kingdom on 17 September 2024. This update is particularly important for offshore property developers who must navigate the complexities of UK corporation tax regulations.
Who should register
A non-UK resident company dealing in or developing UK land should register for UK Corporation Tax.
Dealing in or developing UK land is where property or land is acquired or developed with the aim to profit from disposal. This is different from where property is acquired to hold as an investment, such as rental income.
Register if any of the following apply:
- you carry on a trade of dealing in or developing UK land
- you hold the UK land as trading stock
- a main purpose of acquiring or developing the UK land was to realise a profit from disposing of the land
When to register
- You become liable to UK Corporation Tax on the date a disposal of UK land is made.
- You must register within three months of the date of disposal.
What you’ll need
To register an offshore property developer for Corporation Tax, you’ll need the following information:
- your company name
- country of incorporation and your foreign registration number, if you have one
- any previous names your company has had
- address of the company’s registered office
- address of the company’s principal place of business in the UK (if different from the registered office)
- date of incorporation
- date the company became liable to Corporation Tax
- date the company intends to prepare its first accounts
- name of the parent company and its registered office address — if the company is part of a group
- your first and last names
- your working relationship to the company or role in the company
- your telephone number and email address
