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) ”.