PART II RETURNS OF INCOME AND GAINS

F1NRCGT returns

12ZENRCGT return to include advance self-assessment

(1)

An NRCGT return (“the current return”) relating to a tax year (“year Y”) which a person (“P”) is required to make in respect of one or more non-resident CGT disposals (“the current disposals”) must include an assessment (an “advance self-assessment”) of—

(a)

the amount notionally chargeable at the filing date for the current return (see section 12ZF), and

(b)

if P has made (or is to make) a prior NRCGT return, the amount of any increase in the amount notionally chargeable for year Y.

But see the exceptions in section 12ZG.

(2)

In a case falling within subsection (1)(b)—

(a)

there is an “increase in the amount notionally chargeable” for year Y if the amount notionally chargeable at the filing date for the current return exceeds the corresponding amount for the prior NRCGT return (or the prior NRCGT return which has the most recent filing date, if there is more than one), and

(b)

the amount of that increase is the amount of the excess.

(3)

“Prior NRCGT return” means an NRCGT return which—

(a)

relates to year Y, and

(b)

is in respect of a non-resident CGT disposal (or disposals) the completion date of which is earlier than that of the current disposals.