Part 1 Amendments of TCGA 1992
Finance Act 2015 (2015 c 11) | Legislation

SCHEDULE 7 Disposals of UK Residential Property Interests by Non-Residents etc

Section 37

Part 1 Amendments of TCGA 1992

1

TCGA 1992 is amended in accordance with paragraphs 2 to 40.

2

In section 1 (the charge to tax), in subsection (2A), for the words from “gains are†to the end substitute “gains are—

(a)     ATED-related gains in respect of which the companies are chargeable to capital gains tax under section 2B, or

(b)     NRCGT gains in respect of which the companies are chargeable to capital gains tax under section 14D or 188D.â€

3

(1)     Section 2 (persons and gains chargeable to capital gains tax, and allowable losses) is amended as follows.

(2)     After subsection (2) insert—

“(2A)     Where subsection (1B) applies, the amounts that may be deducted under subsection (2)(a) include any allowable NRCGT losses accruing to the person in the overseas part of the tax year concerned (see section 14B(4)).

(2B)     The amounts that may be deducted under subsection (2)(b) include any allowable NRCGT losses (other than group losses, as defined in section 188E(4)) accruing to the person in a tax year (“year Pâ€) previous to the year mentioned in subsection (2)(a)

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