COM40013 - Case records: New company records: Non-resident companies disposing of an interest in UK land or property

Legislation introduced in the Finance Act 2019 gave provision for all non-resident companies disposing of an interest in land or property within the UK from 6 April 2019 to be chargeable to Corporation Tax on the gains made from such a disposal.

These companies do not have to register at Companies House where this is their only activity within the UK and a g-form has been developed to allow these companies to provide the information required to have a record set up within COTAX.

On COTAX you should:

  • use the company status ‘F’
  • use the date on which the company says it came within the charge to Corporation Tax as the date of incorporation
  • set the Accounting Periods (APs) according to the details provided by the company using function MAPD. Many will require a single day AP and should be made dormant for future APs
  • set the Quarterly Payer signal to "L" using function MAPS
  • all companies need to be set up in MUID 266600 Comp. Immovable Property