Part I Capital gains tax and corporation tax on chargeable gains
Residence etc.
14AF1Section 13: non-UK domiciled individuals
1
This section applies if—
a
by virtue of section 13, part of a chargeable gain that accrues to a company on the disposal of an asset is treated as accruing to an individual in a tax year, and
b
the individual is not domiciled in the United Kingdom in that year.
2
The part of the chargeable gain treated as accruing to the individual (“the deemed chargeable gain”) is a foreign chargeable gain within the meaning of section 12 if (and only if) the asset is situated outside the United Kingdom.
3
For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis)—
a
treat any consideration obtained by the company on the disposal of the asset as deriving from the deemed chargeable gain, and
b
unless the consideration so obtained is of an amount F2at least equal to the market value of the asset, treat the asset as deriving from the deemed chargeable gain.
4
If—
a
the deemed chargeable gain is a foreign chargeable gain (within the meaning of section 12),
b
section 809B, 809D or 809E of ITA 2007 (remittance basis) applies to the individual for the year mentioned in subsection (1), and
c
any of the deemed chargeable gain is remitted to the United Kingdom in a tax year after that year,
the chargeable gain treated under section 12(2) as accruing may not be reduced or extinguished under section 13(8).