Finance Act 2015

42 After section 7 insert—

“7A Disregard of certain NRCGT gains for purposes of section 7

(1) This section applies where—

(a) a person (“P”) is the taxable person in relation to an NRCGT return relating to a tax year (“year X”) which is made and delivered to an officer of Revenue and Customs before the end of the notification period and contains an advance self-assessment,

(b) the return is in respect of a non-resident CGT disposal on which an NRCGT gain accrues, and

(c) P would (apart from this section) be required to give a notice under section 7 with respect to year X.

(2) For the purpose of determining whether or not P is required to give such a notice (and only for that purpose), P is regarded as not being chargeable to capital gains tax in respect of the NRCGT gain mentioned in subsection (1)(b).

(3) The reference in subsection (1) to the tax year to which an NRCGT return “relates” is to be interpreted in accordance with section 12ZB(7).

(4) In this section—

• “advance self-assessment” has the meaning given by section 12ZE(1);

• “the notification period” has the meaning given by section 7(1C);

• the “taxable person”, in relation to a non-resident CGT disposal, means the person who would be chargeable to capital gains tax in respect of any chargeable NRCGT gain accruing on the disposal (were such a gain to accrue).

(5) See—

• section 14B of the 1992 Act for the meaning of “non-resident CGT disposal”;

• section 57B of, and Schedule 4ZZB to, the 1992 Act for the meaning of “NRCGT gain”.”