Taxation of Chargeable Gains Act 1992 Schedule 1 paragraph 1

Foreign gains treated as accruing when remitted to UK

Schedule 1 paragraph 1 sets out how chargeable gains on disposals of foreign assets are taxed for individuals who use the remittance basis, so that such gains only become chargeable when the proceeds are brought into the United Kingdom.

• This rule applies to individuals using the remittance basis who dispose of foreign assets giving rise to chargeable gains during the tax year.
• It does not apply where the gains are already outside the charge to capital gains tax because the tax year is a split year under section 1G.
• The gains are treated as accruing to the individual only to the extent that, and at the time when, they are remitted to the United Kingdom.
• The amount treated as accruing equals the full amount remitted to the United Kingdom at that time.