SCHEDULES
F1SCHEDULE 4ZZCDisposals of residential property interests: gains and losses
PART 1Introduction and interpretation
Introduction
1
1
In this Schedule “RPI disposal” means a disposal of a residential property interest which is not a non-resident CGT disposal.
2
This Schedule applies for the purpose of determining, in relation to an RPI disposal—
a
whether a residential property gain or loss accrues on the disposal, and the amount of any such gain or loss, and
b
whether a gain or loss other than a residential property gain or loss accrues on the disposal, and the amount of any such gain or loss.
3
In this Schedule—
a
Part 2 contains the main rules for computing the gains and losses;
b
Part 3 contains the rules for computing the gains and losses in a case where the RPI disposal is, or involves, a relevant high value disposal (as defined in section 2C).
Interpretation
2
1
For the purposes of this Schedule, a relevant high value disposal is “comprised in” an RPI disposal if—
a
the RPI disposal is treated for the purposes of section 2C and Schedule 4ZZA as two or more disposals, and
b
the relevant high value disposal is one of those.
2
In this Schedule—
“chargeable interest” has the same meaning as in Part 3 of the Finance Act 2013 (annual tax on enveloped dwellings) (see section 107 of that Act);
“dwelling” has the meaning given by —
- a
paragraph 4 of Schedule B1, in relation to a disposal of a UK residential property interest;
- b
paragraph 4 of Schedule BA1, in relation to a disposal of a non-UK residential property interest;
- a
“subject-matter”, in relation to an interest in land (or a chargeable interest) means the land to which the interest relates.
Sch. 4ZZC inserted (with effect in accordance with s. 83(17) of the amending Act) by Finance Act 2016 (c. 24), Sch. 12 para. 5