[SCHEDULE 1 UK Resident Individuals not Domiciled in UK]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[SCHEDULE 1 UK Resident Individuals not Domiciled in UK]

[Section 3]

[Foreign gains treated as accruing when remitted to UK

1

(1)     This paragraph applies in the case of an individual to whom the remittance basis applies for a tax year if—

(a)     in that year the individual disposes of foreign assets,

(b)     chargeable gains accrue to the individual on the disposal of those assets, and

(c)     the gains are not taken outside the charge to capital gains tax as a result of section 1G (cases where tax year is a split year).

(2)     The gains are treated as accruing to the individual only so far as, and at the time when, they are remitted to the United Kingdom.

(3)     The amount treated as accruing is equal to the full amount remitted to the United Kingdom at that time.

Use of allowable losses against foreign gains remitted in later year

2

(1)     This paragraph applies if—

(a)     gains are treated as accruing to an individual in a tax year as a result of paragraph 1,

(b)     the tax year is later than the one (“the actual year of accrualâ€)

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