Taxation of Chargeable Gains Act 1992

[F1 PART 2 U.K. Elections for alternative methods of computation

Textual Amendments

F1 Sch. 4ZZB inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 39

2 (1) A person (“P”) making a non-resident CGT disposal of (or of a part of) an interest in UK land which P held on 5 April 2015 may— U.K.

(a) make an election for straight-line time apportionment in relation to the interest in UK land;

(b) make an election for the retrospective basis of computation to apply in relation to that interest,

(but may not do both).

(2) P may not make an election under sub-paragraph (1)(a) if the disposal is one to which Part 4 of this Schedule applies (cases involving relevant high value disposals).

(3) For the effect of making an election under sub-paragraph (1)(a), see paragraph 8.

(4) For the effect of making (or not making) an election under sub-paragraph (1)(b), see paragraphs 5(1)(b), 9(1)(b), 13(1)(b), 14(1)(a) and 15(1)(c) (and paragraph 6A(3)(c) of Schedule 4ZZA).

(5) An election made under paragraph 5 of Schedule 4ZZA (including any such election made before the coming into force of this paragraph) has effect as if it were also an election under sub-paragraph (1)(b).

3 (1) An election under paragraph 2(1) is irrevocable (and where an election has been made under paragraph 2(1) or paragraph 5 of Schedule 4ZZA in relation to an asset, no election may subsequently be made under either of those provisions in relation to the asset). U.K.

(2) An election under paragraph 2(1) may (regardless of section 42(2) of the Management Act) be made by being included in—

(a) a tax return under the Management Act for the tax year in which the first non-resident CGT disposal by P of the interest in UK land (or any part of it) is made, or

(b) the NRCGT return relating to the disposal,

(but not by any other method).

(3) References in sub-paragraph (2) to an election being included in a return include an election being included by virtue of an amendment of the return.

(4) All such adjustments are to be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election under paragraph 2(1).]