SCHEDULES

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

PART 1Amendments of TCGA 1992

8

1

Section 8 (company's profits for corporation tax purposes to include chargeable gains) is amended as follows.

2

In subsection (1), in paragraph (b), omit the words from “period” to the end and insert

period—

i

any allowable losses previously accruing to the company while it has been within the charge to corporation tax, and

ii

any allowable NRCGT losses previously accruing to the company.

3

After subsection (4A) insert—

4B

Subject to subsection (1)(b)(ii), nothing in this section applies in relation to an NRCGT gain chargeable to, or an NRCGT loss allowable for the purposes of, capital gains tax by virtue of section 14D or 188D.