Taxation of Chargeable Gains Act 1992 (c. 12)

SCHEDULES

[F1 SCHEDULE 4AA U.K. Re-basing for non-residents in respect of UK land etc held on 5 April 2019

Textual Amendments

F1 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

PART 2 U.K. Indirect disposals and direct disposals not chargeable before 6 April 2019

Calculation of residential property gain if election made under paragraph 4 U.K.

5 (1) This paragraph applies if— U.K.

(a) a person makes an election under paragraph 4 in respect of a disposal on which a gain accrues, and

(b) it is necessary to determine, in accordance with Schedule 1B, how much of the gain is a residential property gain.

(2) Paragraph 2 of Schedule 1B has effect as if—

(a) sub-paragraphs (5) and (6) of that paragraph were omitted, and

(b) in that paragraph, “the applicable period” had the definition given by the next sub-paragraph.

(3) “The applicable period” means the period—

(a) beginning with the day on which the person acquired the interest in land being disposed of or, if later, 31 March 1982, and

(b) ending with the day before the day on which the disposal is made.]