# Taxation of Chargeable Gains Act 1992, Paragraph 3: Relief in respect of deemed gains under section 86


(1) This paragraph applies if—
(a) an amount of chargeable gains would (but for this paragraph) be treated as accruing to an individual in a tax year under section 86(4) (attribution of gains to settlors of non-resident settlements),
(b) a qualifying foreign gain accrued in that tax year to the trustees of the settlement concerned (or would have done on the assumption in section 86(3)), and
(c) the individual identifies the gain mentioned in paragraph (b) in a foreign gain claim for that tax year.
(2) For the purposes of section 86(1)(e) as it applies to the individual, the following are to be disregarded (in that tax year and in later tax years)—
(a) the gain mentioned in sub-paragraph (1)(b);
(b) any qualifying foreign loss that accrued to the trustees in that tax year (or that would have so accrued on the assumption in section 86(3)).

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/D1/paragraph/3 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-D1/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.