SCHEDULES

SCHEDULE 7Disposals of UK residential property interests by non-residents etc

PART 1Amendments of TCGA 1992

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1

Section 260 (gifts on which inheritance tax is chargeable etc) is amended as follows.

2

In subsection (1), for “and 261” substitute “ , 261 and 261ZA ”.

3

After subsection (6) insert—

6ZA

Subsections (6ZB) and (6ZC) apply in any case where—

a

the disposal is a non-resident CGT disposal, and

b

the transferee is resident in the United Kingdom.

6ZB

Subsections (3) and (4) have effect in relation to the disposal as if the reference to “chargeable gain” were a reference to “chargeable NRCGT gain”.

6ZC

Subsection (5) has effect in relation to the disposal as if the reference to “the excess referred to in paragraph (b) above” were a reference to “the chargeable NRCGT gain which, ignoring this section and section 17(1), would accrue to the transferor on the disposal”.