SCHEDULES
SCHEDULE 7Disposals of UK residential property interests by non-residents etc
PART 1Amendments of TCGA 1992
31
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”.