PART 4Capital gains tax
Other provisions
91NRCGT returns
In TMA 1970, after section 12ZB (NRCGT return) insert—
12ZBAElective NRCGT return
1
A person is not required to make and deliver an NRCGT return under section 12ZB(1), but may do so, in circumstances to which this section applies.
2
The circumstances to which this section applies are where the disposal referred to in section 12ZB(1) is—
a
a disposal on or after 6 April 2015 where, by virtue of any of the no gain/no loss provisions, neither a gain nor a loss accrues, or
b
the grant of a lease on or after 6 April 2015 which is—
i
for no premium,
ii
to a person who is not connected with the grantor, and
iii
under a bargain made at arm's length.
3
For the purposes of subsection (2)—
“connected” is to be construed in accordance with section 286 of 1992 Act;
“no gain/no loss provisions” has the meaning given by section 288(3A) of the 1992 Act;
“lease” and premium” have the meanings given by paragraph 10 of Schedule 8 to the 1992 Act.
4
The Treasury may by regulations made by statutory instrument add or remove circumstances to which this section applies.
5
Regulations under subsection (4) may—
a
amend this section or any other enactment;
b
make consequential provision.
6
A statutory instrument containing regulations under subsection (4) is subject to annulment in pursuance of a resolution of the House of Commons.
7
Paragraph 1 of Schedule 55 to the Finance Act 2009 (penalty for late returns) does not apply in relation to an NRCGT return which is made and delivered by virtue of this section.