SCHEDULES

[F1 SCHEDULE 1 U.K.UK resident individuals not domiciled in UK

Textual Amendments

F1 Sch. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 13

Use of allowable losses against foreign gains remitted in later year U.K.

2 (1) This paragraph applies if— U.K.

(a) gains are treated as accruing to an individual in a tax year as a result of paragraph 1,

(b) the tax year is later than the one (“the actual year of accrual”) in which those gains actually accrued to the individual, and

(c) an election under section 16ZA (election for foreign losses to be allowable losses) has effect for both the tax year and the actual year of accrual.

(2) No allowable losses may be deducted under section 1 from the gains.

(3) This prohibition—

(a) applies regardless of whether or not the allowable losses accrue on disposals of foreign assets, but

(b) does not prevent the prior application of paragraph 3(3) in relation to the gains (which contains a rule for reducing the amount of the gains by reference to losses).]