8CReturns so far as relating to capital gains tax

1

This section applies if—

a

the amount of chargeable gains accruing to a person in a tax year does not exceed the annual exempt amount for the year applicable to the person under section 1K of the 1992 Act,

b

the total amount or value of the consideration for all chargeable disposals of assets made by the person in the year does not exceed four times that annual exempt amount,

c

the person is not a remittance-basis individual for the year, and

d

a notice under section 8 or 8A is given to the person requiring information for the purpose of establishing the amount in which the person is chargeable to capital gains tax for the year.

2

If the person makes a statement confirming the matters set out in subsection (1)(a) to (c), the statement constitutes sufficient compliance with that requirement.

3

For the purposes of this section every disposal is a “chargeable disposal” other than—

a

a disposal on which any gain accruing is not a chargeable gain, and

b

a disposal to which section 58 of the 1992 Act applies (spouses and civil partners).

4

For the purposes of this section an individual is “a remittance-basis individual” for a tax year if—

a

section 809B of ITA 2007 applies to the individual for the year, or

b

paragraph 2 of Schedule 1 to the 1992 Act applies in relation to any gains that are treated as accruing to the individual in the year as a result of paragraph 1 of that Schedule.