SCHEDULES
SCHEDULE 1Chargeable gains accruing to non-residents etc
PART 2Consequential amendments
77TCGA 1992
1
Section 261ZA (gifts of UK residential property interests to non-residents) is amended as follows.
2
In subsection (1)—
a
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
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
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”.