12ZBAElective NRCGT return

1

A person is not required to make and deliver an NRCGT return under section 12ZB(1), but may do so, in circumstances to which this section applies.

2

The circumstances to which this section applies are where the disposal referred to in section 12ZB(1) is—

a

a disposal on or after 6 April 2015 where, by virtue of any of the no gain/no loss provisions, neither a gain nor a loss accrues, or

b

the grant of a lease on or after 6 April 2015 which is—

i

for no premium,

ii

to a person who is not connected with the grantor, and

iii

under a bargain made at arm's length.

3

For the purposes of subsection (2)—

• “connected” is to be construed in accordance with section 286 of 1992 Act;

• “no gain/no loss provisions” has the meaning given by section 288(3A) of the 1992 Act;

• “lease” and premium” have the meanings given by paragraph 10 of Schedule 8 to the 1992 Act.

4

The Treasury may by regulations made by statutory instrument add or remove circumstances to which this section applies.

5

Regulations under subsection (4) may—

a

amend this section or any other enactment;

b

make consequential provision.

6

A statutory instrument containing regulations under subsection (4) is subject to annulment in pursuance of a resolution of the House of Commons.

7

Paragraph 1 of Schedule 55 to the Finance Act 2009 (penalty for late returns) does not apply in relation to an NRCGT return which is made and delivered by virtue of this section.