[F1PART 1U.K.Introduction
Textual Amendments
F1Sch. 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
1(1)Part 2, 3 or 4 of this Schedule applies on the first occasion on which a person disposes of an asset that the person held on 5 April 2019 where—U.K.
(a)the disposal is either a direct or indirect disposal of UK land, and
(b)the disposal is made by a non-resident or a UK resident in the overseas part of a tax year.
(2)See also paragraph 16 (non-UK resident company holding UK land becoming resident in UK after 5 April 2019).
(3)For the purposes of this Schedule—
(a)a disposal is a “direct disposal of UK land” if it is a disposal of an interest in UK land, and
(b)a disposal by a person is an “indirect disposal of UK land” if it is a disposal of an asset (other than an interest in UK land) deriving at least 75% of its value from UK land where the person has a substantial indirect interest in that land.
(4)For the purposes of this paragraph, the disposal is made by a non-resident or a UK resident in the overseas part of a tax year if it is—
(a)a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection,
(b)a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c),
(c)a disposal on which a gain accrues that falls to be dealt with by section 2B(4), or
(d)a disposal of an asset on which a gain does not accrue but which, had a gain accrued, would fall to be dealt with as mentioned in any of the preceding paragraphs of this sub-paragraph.]