96.This section lays down the general rule that relief under section 18(2) is restricted to UK residents. It is based on sections 792(1), 794(1) and 831(5) of ICTA and section 277(1) of TCGA.
97.In relation to income tax and corporation tax, section 794(1) of ICTA refers to “income or chargeable gains” in respect of which the tax is chargeable. On a literal interpretation, the substitution rule in section 277(1) of TCGA would require subsection (1) to refer to “capital” gains in relation to capital gains tax. But if capital gains tax is chargeable in respect of a gain, it must be a “chargeable” gain. Subsection (1) therefore refers to “chargeable gains” in relation both to corporation tax and to capital gains tax.
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