SCHEDULES
SCHEDULE 1Chargeable gains accruing to non-residents etc
PART 2Consequential amendments
27TCGA 1992
1
Section 48A (unascertainable consideration) is amended as follows.
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—
“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—
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)”.