SCHEDULES

SCHEDULE 1Non-UK resident vulnerable persons: interpretation

Vulnerable person's deemed CGT taxable amount

3

1

The “vulnerable person's deemed CGT taxable amount” for the tax year means the sum of—

a

the vulnerable person's taxable amount for the tax year F1(as defined by section 32(3A)) calculated by reference only to actual gains and actual losses, and

b

the vulnerable person's taxable amount for the tax year F2(as defined by section 32(3A)) calculated by reference only to assumed gains and assumed losses.

2

But in calculating the taxable amount under sub-paragraph (1)(b)—

a

no deduction is to be made under F3section 1(3)(b) of TCGA 1992, F4...

F4b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

In determining the vulnerable person's deemed CGT taxable amount for the tax year any claims or elections made in relation to any assumed gains of the vulnerable person are to be disregarded.

4

In this paragraph—

a

“actual gains” and “actual losses” have the meanings given in paragraph 5, and

b

“assumed gains” and “assumed losses” have the meanings given in paragraph 6.