Paragraph 1 F1

(1)

This paragraph applies in the case of an individual to whom the remittance basis F2applied 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).

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.

Annotations

F1: Sch. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 13
F2: Word in Sch. 1 para. 1 substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(7)(b) (as amended (with retrospective effect) by Finance Act 2026 (c. 11), Sch. 3 para. 5)

C1: Sch. 1 para. 1(2) restricted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 para. 12(1)(2)
C2: Sch. 1 para. 1(2) applied (20.3.2025) by Finance Act 2025 (c. 8), Sch. 10 para. 2(3)

F2: Words in Sch. 1 heading substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(7)(a)