Regulation 85P Application of section 10A of TCGA 1992F1

(1)

Section 10A of TCGA 1992 (temporary non-residence) applies for the purposes of this Part with the following modifications.

(2)

The section applies as if, in subsection (2)—

(a)

the reference to section 86A were omitted;

(b)

for the reference to capital gains tax there were substituted a reference to income tax;

(c)

in paragraph (a), for the reference to chargeable gains and losses there were substituted a reference to income gains;

(d)

paragraphs (b) and (c) were omitted; and

(e)

for the references to gains or losses there were substituted a reference to income gains.

(3)

The section applies as if, in subsection (3)—

(a)

for the reference to gains and losses there were substituted a reference to income gains; and

(b)

for the reference to any gain or loss there were substituted a reference to any income gains.

(4)

The section applies as if subsection (4) were omitted.

(5)

The section applies as if, in subsection (5)—

(a)

for the reference to gains and losses there were substituted a reference to income gains;

(b)

for the reference to any chargeable gain or allowable loss there were substituted a reference to any income gain; and

(c)

for the reference to section 10 or 16(3) there were substituted a reference to regulation 85O(b) (application of certain provisions of TCGA).

(6)

The section applies as if subsection (6) were omitted.

(7)

The section applies as if, in subsection (7), for the reference to capital gains tax there were substituted a reference to income tax.

(8)

The section applies as if, in subsection (9C)—

(a)

for the reference to capital gains tax there were substituted a reference to income tax; and

(b)

for the reference to chargeable gains there were substituted a reference to income gains.

Annotations

F1: Pt. 6A inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 21 (with regs. 25, 26)