Paragraph 1 F1

(1)

Part 2, 3 or 4 of this Schedule applies on the first occasion on which a person disposes of an asset that the person held on 5 April 2019 where—

(a)

the disposal is either a direct or indirect disposal of UK land, and

(b)

the disposal is made by a non-resident or a UK resident in the overseas part of a tax year.

(2)

See also paragraph 16 (non-UK resident company holding UK land becoming resident in UK after 5 April 2019).

(3)

For the purposes of this Schedule—

(a)

a disposal is a “direct disposal of UK land” if it is a disposal of an interest in UK land, and

(b)

a disposal by a person is an “indirect disposal of UK land” if it is a disposal of an asset (other than an interest in UK land) deriving at least 75% of its value from UK land where the person has a substantial indirect interest in that land.

(4)

For the purposes of this paragraph, the disposal is made by a non-resident or a UK resident in the overseas part of a tax year if it is—

(a)

a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection,

(b)

a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c),

(c)

a disposal on which a gain accrues that falls to be dealt with by section 2B(4), or

(d)

a disposal of an asset on which a gain does not accrue but which, had a gain accrued, would fall to be dealt with as mentioned in any of the preceding paragraphs of this sub-paragraph.

Annotations

Textual amendments

F1: Sch. 4AA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 17