SCHEDULES
SCHEDULE 1Chargeable gains accruing to non-residents etc
PART 2Consequential amendments
TCGA 1992
77
1
Section 261ZA (gifts of UK residential property interests to non-residents) is amended as follows.
2
In subsection (1)—
a
in the opening words, for “of a UK residential property interest” substitute “
of an asset within section 1A(3)(b) or (c)
”
, and
b
for paragraph (b) substitute—
b
on the assumption that the disposal is a direct or indirect disposal of UK land which meets the non-residence condition (whether or not that is the case), that gain would be a relevant gain (see subsections (6) and (7)).
3
In subsection (3)—
a
in the opening words, for “non-resident CGT disposal” substitute “
direct or indirect disposal of UK land which meets the non-residence condition
”
,
b
in paragraph (a), for “ “chargeable NRCGT gain”” substitute “
“relevant gain”
”
, and
c
in paragraph (b), for “ “the chargeable NRCGT gain” substitute “ “the relevant gain”.
4
In subsection (4)—
a
in the opening words, for “the interest in UK land” substitute “
the asset within section 1A(3)(b) or (c)
”
, and
b
in paragraph (b)—
i
for “a chargeable NRCGT gain” substitute “
a relevant gain
”
, and
ii
for “a non-resident CGT disposal” substitute “
a direct or indirect disposal of UK land which meets the non-residence condition
”
.
5
In subsection (5)(b)(i)—
a
for “a non-resident CGT disposal” substitute “
a direct or indirect disposal of UK land which meets the non-residence condition
”
, and
b
for “the chargeable NRCGT gain” substitute “
the relevant gain
”
.
6
For subsection (6) substitute—
6
For the purposes of this section, a disposal is a “direct or indirect disposal of UK land which meets the non-residence condition” if it is—
a
a disposal on which a gain accrues 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
b
a disposal on which a gain accrues 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).
7
For the purposes of this section, a “relevant gain” means so much of any chargeable gain accruing on a disposal as falls to be dealt with as mentioned in subsection (6)(a) or (b).
7
In the title, for “UK residential property interests” substitute “
direct or indirect interests in UK land
”
.