27(1)Section 48A (unascertainable consideration) is amended as follows.U.K.
(2)In subsection (1), for paragraph (a) substitute—
“(a)a person (“P”) has made a disposal (“the original disposal”) on which a relevant non-resident gain or relevant non-resident loss accrued,”.
(3)In subsection (2)—
(a)in the opening words, for the words from “condition A” to “the receipt of the ascertained consideration—” substitute “ P is not UK resident for the tax year in which the ascertained consideration is received (as determined for the purposes of Chapter 1 of Part 1)— ”, and
(b)in paragraph (c), in step 2, for “NRCGT gain or loss, ATED-related gain or loss” substitute “ relevant non-resident gain or relevant non-resident loss ”.
(4)After subsection (6) insert—
“(7)In this section—
“relevant non-resident gain” means—
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
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 amendments made by this paragraph have effect where the ascertained consideration is received on or after 6 April 2019, but, subject to the following modifications, in a case where the original disposal was made before that date.
(6)In that case, section 48A of TCGA 1992—
(a)has effect without the amendments made by sub-paragraphs (2) and (3)(b), and
(b)has effect as if, in step 3 in subsection (2)(c) of that section, for “(of the type appropriate to the computation)” (in both places) there were substituted “ (of a kind most closely corresponding to that accruing on the original disposal) ”.