SCHEDULE 7 Disposals of UK Residential Property Interests by Non-Residents etc | Part 2 | Other Amendments | Finance Act 2015 C11

Part 2 Other Amendments

Finance Act 2015 (2015 c 11) | Legislation

Part 2 Other Amendments

TMA 1970 is amended in accordance with paragraphs 42 to 55.

After section 7 insert—

“7A Disregard of certain NRCGT gains for purposes of section 7

(1) This section applies where—

(a) a person (“P”) is the taxable person in relation to an NRCGT return relating to a tax year (“year X”) which is made and delivered to an officer of Revenue and Customs before the end of the notification period and contains an advance self-assessment,

(b) the return is in respect of a non-resident CGT disposal on which an NRCGT gain accrues, and

(2) For the purpose of determining whether or not P is required to give such a notice (and only for that purpose), P is regarded as not being chargeable to capital gains tax in respect of the NRCGT gain mentioned in subsection (1)(b).

(3) The reference in subsection (1) to the tax year to which an NRCGT return “relates” is to be interpreted in accordance with section 12ZB(7).

(4) In this section—

“advance self-assessment” has the meaning given by section 12ZE(1);