# Taxation of Chargeable Gains Act 1992, Paragraph 1


(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.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/4AA/paragraph/1 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-4AA/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.