[F187BSection 87: remittance basisU.K.
(1)This section applies if—
(a)chargeable gains are treated under section 87[F2, 87K or 87L] as accruing to an individual in a tax year, [F3and]
(b)section 809B, 809D or 809E [F4of ITA 2007] (remittance basis) applies to the individual for that year, F5...
F6(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F7(2)The chargeable gains are chargeable gains accruing on the disposal of an asset situated outside the United Kingdom.]
(3)For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis) treat relevant property or benefits as deriving from the chargeable gains.
(4)For the purposes of subsection (3) property or a benefit is “relevant” if the capital payment[F8, or onward payment (see section 87I(1)(c)),] by reason of which the chargeable gains are treated as accruing consists of—
(a)the payment or transfer of the property or its becoming property to which section 60 applies, or
(b)the conferring of the benefit.]
Textual Amendments
F1Ss. 87-87C substituted for s. 87 (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 108 (with Sch. 7 paras. 116-119)
F2Words in s. 87B(1)(a) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(a)
F3Word in s. 87B(1)(a) inserted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 18(a) (with Sch. 46 para. 26)
F4Words in s. 87B(1)(b) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(b)
F5Word in s. 87B(1)(b) omitted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 18(b) (with Sch. 46 para. 26)
F6S. 87B(1)(c) omitted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 18(c) (with Sch. 46 para. 26)
F7S. 87B(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 37
F8Words in s. 87B(4) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(c)
Modifications etc. (not altering text)
C1Ss. 87-89 modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 para. 125(2)
C2Ss. 87-90A applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 20(3)(4)