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Section 87B Section 87: remittance basisF1C1C2

United Kingdom

(1)

This section applies if—

(a)

chargeable gains F2were treated under section 87 F3, 87K or 87L as accruing to an individual in F4the tax year 2024-25 or an earlier tax year, F5and

(b)

section 809B, 809D or 809E F6of ITA 2007 (remittance basis) F7applied to the individual for that year, F8...

F9(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(F102)

The chargeable gains are F11treated as having accrued on the disposal of an asset situated outside the United Kingdom.

(3)

For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis) treat relevant property or benefits as deriving from the chargeable gains.

(4)

For the purposes of subsection (3) property or a benefit is “relevant” if the capital payment F12, or onward payment (see section 87I(1)(c)), by reason of which the chargeable gains F13were treated as accruing consisted of—

(a)

the payment or transfer of the property or its becoming property to which section 60 applies, or

(b)

the conferring of the benefit.

(F145)

The references in this section to sections 87I(1)(c), 87K and 87L (which were repealed by Part 3 of Schedule 12 to the Finance Act 2025) are to those provisions as they had effect for the tax year in which the chargeable gains were treated as accruing to the individual.

Annotations

Textual amendments

F1

Ss. 87-87C substituted for s. 87 (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 108 (with Sch. 7 paras. 116-119)

F2

Words in s. 87B(1)(a) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(2)(a)(i), 70(1)

F3

Words in s. 87B(1)(a) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(a)

F4

Words in s. 87B(1)(a) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(2)(a)(ii), 70(1)

F5

Word in s. 87B(1)(a) inserted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 18(a) (with Sch. 46 para. 26)

F6

Words in s. 87B(1)(b) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(b)

F7

Word in s. 87B(1)(b) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(2)(b), 70(1)

F8

Word in s. 87B(1)(b) omitted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 18(b) (with Sch. 46 para. 26)

F9

S. 87B(1)(c) omitted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 18(c) (with Sch. 46 para. 26)

F10

S. 87B(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 37

F11

Words in s. 87B(2) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(3), 70(1)

F12

Words in s. 87B(4) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(c)

F13

Words in s. 87B(4) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(4), 70(1)

F14

S. 87B(5) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(5), 70(1)

Modifications

C1

Ss. 87-89 modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 para. 125(2)

C2

Ss. 87-90A applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 20(3)(4)

Notes on Part III

Textual amendments

F1

Word in Pt. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2