SCHEDULES
F1SCHEDULE 4AARe-basing for non-residents in respect of UK land etc held on 5 April 2019
PART 4Direct disposals of assets partly chargeable before 6 April 2019
Re-basing to 5 April 2015 and 5 April 2019
13
1
In calculating the gain or loss accruing on the disposal (“the actual disposal”) it is be assumed that—
a
the asset was on 5 April 2015 sold by the person, and immediately reacquired by the person, at its market value on that date (but see sub-paragraph (3)), and
b
in addition, the asset was on 5 April 2019 sold by the person, and immediately reacquired by the person, at its market value on that date.
2
In the case of the assumed sale on 5 April 2019, the gain or loss accruing on that sale is treated as accruing on the actual disposal (in addition to the gain or loss that actually accrues on the actual disposal).
3
If the asset was acquired by the person after 5 April 2015, the assumption that it is sold, and immediately reacquired, on 5 April 2015 is not to apply.
4
This paragraph has effect subject to any election made by the person under paragraph 14 (retrospective basis of calculation).
Sch. 4AA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 17