SCHEDULES
SCHEDULE 1Chargeable gains accruing to non-residents etc
PART 2Consequential amendments
55TCGA 1992
1
Section 165 (relief for gifts of business assets) is amended as follows.
2
In subsection (7A)(a), for “non-resident CGT disposal” substitute “direct or indirect disposal of UK land which meets the non-residence condition”.
3
In subsection (7B), for “references to “chargeable NRCGT gain”” substitute “references to “so much of any gain accruing on the disposal as falls to be dealt with as mentioned in subsection (7D)(a) or (b)””.
4
In subsection (7C), for ““the chargeable NRCGT gain” substitute ““so much of the gain mentioned in subsection (7B)”.
5
After that subsection insert—
7D
For the purposes of subsections (7A) to (7C) a disposal is a “direct or indirect disposal of UK land which meets the non-residence condition” if it is—
a