14ASection 13: non-UK domiciled individuals

1

This section applies if—

a

by virtue of section 13, part of a chargeable gain that accrues to a company on the disposal of an asset is treated as accruing to an individual in a tax year, and

b

the individual is not domiciled in the United Kingdom in that year.

2

The part of the chargeable gain treated as accruing to the individual (“the deemed chargeable gain”) is a foreign chargeable gain within the meaning of section 12 if (and only if) the asset is situated outside the United Kingdom.

3

For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis)—

a

treat any consideration obtained by the company on the disposal of the asset as deriving from the deemed chargeable gain, and

b

unless the consideration so obtained is of an amount equal to the market value of the asset, treat the asset as deriving from the deemed chargeable gain.

4

If—

a

the deemed chargeable gain is a foreign chargeable gain (within the meaning of section 12),

b

section 809B, 809D or 809E of ITA 2007 (remittance basis) applies to the individual for the year mentioned in subsection (1), and

c

any of the deemed chargeable gain is remitted to the United Kingdom in a tax year after that year,

the chargeable gain treated under section 12(2) as accruing may not be reduced or extinguished under section 13(8).