SCHEDULE 7 Remittance Basis | Part 2 | Non-Resident Companies And Trusts Etc | Finance Act 2008 C9

Part 2 Non-resident Companies and Trusts etc

Finance Act 2008 (2008 c 9) | Legislation

Part 2 Non-resident Companies and Trusts etc

Offshore income gains

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In section 734 of ITA 2007 (reduction in amount charged: previous capital gains tax charge), after subsection (4) insert—

“(5) References in this section to chargeable gains treated as accruing to an individual include offshore income gains treated as arising to the individual (see section 762 of ICTA).”

Offshore income gains: commencement etc

The amendments made by paragraphs 92 to 97 have effect for the tax year 2008–09 and subsequent tax years.

Paragraphs 120 and 121 apply in relation to offshore income gains as if—

(a) references to section 2(2) amounts were to OIG amounts,

(b) references to chargeable gains were to offshore income gains, and

(i) section 762(2) of ICTA (the reference in the second sentence of that Step to section 87(4) of TCGA 1992 being read as a reference to section 762(2) of ICTA), or

(ii) section 87(5) of TCGA 1992 as applied by section 762(3) of ICTA.

100

(1)