Taxation of Chargeable Gains Act 1992 Schedule 4ZZC paragraph 1

Introduction

Schedule 4ZZC paragraph 1 provides the introductory framework and definitions for the schedule, which deals with the computation of gains and losses on disposals of interests in non-resident capital gains tax (NRCGT) assets.

• This paragraph sets the scene for Schedule 4ZZC by establishing its scope and the key terms used throughout the schedule.
• The schedule was introduced by Finance Act 2019 as part of the expanded regime for taxing gains made by non-UK residents on disposals of UK property and certain other assets.
• The introductory provisions ensure that the computational rules in the rest of the schedule apply consistently to all relevant disposals within its scope.
• Understanding this paragraph is essential before applying the detailed computational rules that follow in subsequent paragraphs of the schedule.