SCHEDULES

SCHEDULE 1Chargeable gains accruing to non-residents etc

PART 2Consequential amendments

TCGA 1992

29

1

Section 62 (death: general provisions) is amended as follows.

2

In subsection (2A)—

a

in paragraph (a), for “section 10A” substitute “ section 1M ”, and

b

for paragraph (b) substitute—

b

relevant non-resident gains (see subsection (11)).

3

In subsection (2AA), for “allowable NRCGT losses (see section 57B and Schedule 4ZZB)” substitute “ relevant non-resident losses (see subsection (11)) ”.

4

After subsection (10) insert—

11

In this section—

  • “relevant non-resident gain” means—

    1. a

      a gain that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or

    2. b

      a gain that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c), and

  • “relevant non-resident loss” means an allowable loss accruing on a disposal which, had a gain accrued instead, would have been a relevant non-resident gain.

5

The reference to relevant non-resident gains in section 62(2A)(b) of TCGA 1992 (as substituted by sub-paragraph (2)(b)) includes NRCGT gains as defined by section 57B of, and Schedule 4ZZB to, that Act.

6

The reference here to section 57B of, and Schedule 4ZZB to, TCGA 1992 is to those provisions as they had effect before their repeal by this Schedule.