41(1)This paragraph applies to the disposal of an asset by an individual (“P”) where—U.K.
(a)the asset was held by P on 5 April 2017,
(b)the disposal is made on or after 6 April 2017,
(c)the asset was not situated in the United Kingdom at any time in the relevant period, and
(d)P is a qualifying individual.
(2)The relevant period is the period which—
(a)begins with 16 March 2016 or, if later, the date on which P acquired the asset, and
(b)ends with 5 April 2017.
(3)P is a qualifying individual if—
(a)section 809H of ITA 2007 (claim for remittance basis by long-term UK resident: charge) applied in relation to P for any tax year before the tax year 2017-18,
(b)P is not an individual—
(i)who was born in the United Kingdom, and
(ii)whose domicile of origin was in the United Kingdom,
(c)P was not domiciled in the United Kingdom at any time in a relevant tax year, and
(d)P met condition B in section 835BA of ITA 2007 in relation to each relevant tax year.
(4)The relevant tax years are—
(a)the tax year 2017-18, and
(b)if the disposal was made after that tax year, all subsequent tax years up to and including that in which the disposal was made.
(5)In computing, for the purpose of TCGA 1992, the gain or loss accruing on the disposal, it is to be assumed that P acquired the asset on 5 April 2017 for a consideration equal to its market value on that date.
(6)Sub-paragraph (5) applies notwithstanding section 58(1) of TCGA 1992 (disposals between spouses).
(7)Where under section 127 of TCGA 1992 (including that section as applied by sections 132, 135 and 136 of that Act) an original and a new holding of shares or other securities are treated as the same asset, the condition in sub-paragraph (1)(c) applies to both the original and the new holding.
(8)This Part of this Schedule has effect as if it were included in TCGA 1992.