Paragraph 1 Claim for relief for qualifying new residentsF1

(1)

An individual may make a claim for relief for a tax year under this paragraph (a “foreign gain claim”) if the individual is a qualifying new resident for that tax year.

(2)

Paragraphs 2, 3 and 4 set out the reliefs that may be obtained by making a foreign gain claim.

(3)

A foreign gain claim must be made in a return.

(4)

A foreign gain claim in relation to a tax year must be made before the end of the period of 12 months beginning with 31 January after the end of that tax year.

(5)

A foreign gain claim may not be made as a consequential claim (within the meaning of section 43C(5) of the Management Act) if the circumstances which give rise to the consequential claim result from a loss of tax brought about carelessly or deliberately by the individual or a person acting on the individual’s behalf.

(6)

For the purposes of this paragraph—

(a)

“return” means a return under section 8 of the Management Act (personal return),

(b)

references to a claim being included in a return include a claim being so included as a result of an amendment of the return, and

(c)

subsections (5) to (7) of section 118 of the Management Act (loss of tax brought about carelessly or deliberately) apply as they apply for the purposes of that Act.

Annotations

Textual amendments

F1: Sch. D1 inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(2)(11)