SCHEDULES
SCHEDULE 1Chargeable gains accruing to non-residents etc
PART 2Consequential amendments
ITA 2007
99
ITA 2007 is amended as follows.
100
In section 641 (accrued income profits and losses: trustees of a disabled person's trusts), in subsection (4), in the definition of “disabled person's trusts”, for “paragraph 1(1) of Schedule 1” substitute “
paragraph 3 of Schedule 1C
”
.
101
In section 643 (accrued income profits and losses: non-residents), in subsection (5), for “section 10(6)” substitute “
section 1B(5)
”
.
102
In section 809F (remittance basis: effect on what is chargeable), in subsection (4), for “section 12 of TCGA 1992” substitute “
paragraph 1 of Schedule 1 to TCGA 1992
”
.
103
In section 809G (claim for remittance basis: effect on allowances etc), in subsection (3), for “section 3(1A)” substitute “
section 1K(6)
”
.
104
In section 809K (introduction to rules on remittance of income and gains), in subsection (1), for paragraph (e) substitute—
e
Schedule 1 to TCGA 1992 (UK resident individuals not domiciled in UK).
105
In section 809VK (retention of funds to meet CGT liabilities), for subsection (5) substitute—
5
The highest potential CGT rate is the highest rate specified in section 1H of TCGA 1992 (regardless of the type of the chargeable gain or, if P is an individual, the rate of income tax at which P's income is chargeable).
106
1
Section 809YD (chargeable gains accruing on sales of exempt property) is amended as follows.
2
In subsection (1)(c)(ii), for “section 13” substitute “
section 3
”
.
3
In subsection (3), for “section 12 of TCGA 1992” substitute “
paragraph 1 of Schedule 1 to TCGA 1992
”
.
4
In subsection (5)(a)—
a
for “section 10A” substitute “
section 1M
”
, and
b
for “the year of return” substitute “
the tax year that consists of or includes the period of return
”
.
5
In subsection (7)—
a
in the opening words, for “fell within the definition of foreign chargeable gains in section 12(4) of that Act” substitute “
accrued on the disposal of a foreign asset (within the meaning of Schedule 1 to TCGA 1992)
”
, and
b
for paragraphs (a) to (d) substitute—
a
section 1M,
b
section 3D, and
c
Schedule 1.
6
In subsection (8), for “section 14A(2)” substitute “
section 3D(2)
”
.
107
In section 809Z7 (meaning of “foreign income and gains” etc), in subsection (5), for the words from “are the foreign” to the end substitute “
are the chargeable gains accruing to the individual in that year on the disposal of foreign assets (within the meaning of Schedule 1 to TCGA 1992)
”
.