SCHEDULES

[F1 SCHEDULE 4ZZC U.K. Disposals of residential property interests: gains and losses

Textual Amendments

F1 Sch. 4ZZC inserted (with effect in accordance with s. 83(17) of the amending Act) by Finance Act 2016 (c. 24), Sch. 12 para. 5

PART 3 U.K. RPI disposals involving relevant high value disposals

Computation of balancing gains or losses on relevant high value disposal not within Case 1, 2 or 3 (or where an election is made) U.K.

17 (1) In the case of a relevant high value disposal to which paragraph 10 applies, the amount of the balancing gain or loss is determined as follows. U.K.

(2) Determine the number of balancing days in the relevant ownership period.

(3) “Balancing day” means a day which is neither—

(a) a residential property chargeable day, nor

(b) an ATED chargeable day (as defined in paragraph 3 of Schedule 4ZZA).

(4) The balancing gain or loss on the disposal is equal to the balancing fraction of the amount of the gain or (as the case may be) loss determined under Step 1 of paragraph 10(2).

(5) The “balancing fraction” is—

where—

“BD” is the number of balancing days in the relevant ownership period;

“TD” is the total number of days in the relevant ownership period.

(6) In this paragraph “relevant ownership period” has the same meaning as in paragraph 10.]