C2C1PART II RETURNS OF INCOME AND GAINS

Annotations:
Modifications etc. (not altering text)
C2

Pt. 2 applied (with modifications) by Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)

C1

Pt. 2 applied (with modifications) by Social Security Contributions and Benefits Act 1992 (c. 4), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)

Income tax

7AF1Disregard of certain NRCGT gains for purposes of section 7

1

This section applies where—

a

a person (“P”) is the taxable person in relation to an NRCGT return relating to a tax year (“year X”) which is made and delivered to an officer of Revenue and Customs before the end of the notification period and contains an advance self-assessment,

b

the return is in respect of a non-resident CGT disposal on which an NRCGT gain accrues, and

c

P would (apart from this section) be required to give a notice under section 7 with respect to year X.

2

For the purpose of determining whether or not P is required to give such a notice (and only for that purpose), P is regarded as not being chargeable to capital gains tax in respect of the NRCGT gain mentioned in subsection (1)(b).

3

The reference in subsection (1) to the tax year to which an NRCGT return “relates” is to be interpreted in accordance with section 12ZB(7).

4

In this section—

  • “advance self-assessment” has the meaning given by section 12ZE(1);

  • “the notification period” has the meaning given by section 7(1C);

  • the “taxable person”, in relation to a non-resident CGT disposal, means the person who would be chargeable to capital gains tax in respect of any chargeable NRCGT gain accruing on the disposal (were such a gain to accrue).

5

See—

  • section 14B of the 1992 Act for the meaning of “non-resident CGT disposal”;

  • section 57B of, and Schedule 4ZZB to, the 1992 Act for the meaning of “NRCGT gain”.