Part IIU.K. General Provisions relating to computation of gains and acquisitions and disposals of assets

Chapter IU.K. Introductory

[F116ZCIndividual who has made election under section 16ZA and to whom remittance basis appliesU.K.

(1)This section applies to an individual for a tax year if—

(a)the individual has made an election under section 16ZA for the tax year or any earlier tax year,

(b)section 809B, 809D or 809E of ITA 2007 (remittance basis) applies to the individual for the tax year, and

(c)the individual is not domiciled in the United Kingdom in the tax year.

(2)The following steps apply for the purpose of calculating the amount on which the individual is to be charged to capital gains tax for the tax year.

(3)The chargeable gains are—

(a)foreign chargeable gains accruing to the individual in the tax year, to the extent that they are remitted to the United Kingdom in that year,

(b)foreign chargeable gains accruing to the individual in that year, to the extent that they are not so remitted in that year, and

(c)chargeable gains accruing to the individual in that year (other than foreign chargeable gains).

(4)Chargeable gains treated as accruing under section 87 or 89(2) (read, where appropriate, with section 10A) are not within any paragraph of subsection (3).

(5)Chargeable gains treated as accruing under section 12 are not within subsection (3)(c).

(6)For the purposes of subsection (3) foreign chargeable gains are remitted to the United Kingdom if they are regarded as so remitted for the purposes of section 12.

(7)In this section—

Textual Amendments

F1Ss. 16ZA-16ZD inserted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 62