SCHEDULES
SCHEDULE 7Disposals of UK residential property interests by non-residents etc
PART 1Amendments of TCGA 1992
21
1
Section 139 (reconstruction involving transfer of business) is amended as follows.
2
In subsection (1A)—
a
in paragraph (a), after “chargeable assets” insert “
or NRCGT assets
”
;
b
in paragraph (b), after “chargeable assets” insert “
or NRCGT assets
”
.
3
After subsection (1A) insert—
1AA
For the purposes of subsection (1A), an asset is an “NRCGT asset” in relation to a company at any time if—
a
the disposal of the asset by the company at that time would be a non-resident CGT disposal, and
b
the company would not be, in relation to that disposal, an eligible person (as defined in section 14F).