Taxation of Chargeable Gains Act 1992 Schedule 8A paragraph 1

Introductory

Schedule 8A paragraph 1 sets out the conditions that must be met for the special rules in the Schedule to apply, dealing with disposals of foreign currency bank account debts where part of the proceeds represents remitted foreign income.

• The Schedule applies when an individual disposes of a debt arising from a foreign currency bank account under section 252(1) of TCGA 1992
• The debt must be situated outside the United Kingdom
• Some or all of the consideration for the disposal must be excluded under section 37 because it consists of money or money's worth that qualifies as remitted foreign income
• Remitted foreign income means the individual's income that is taxed on the remittance basis under Chapter A1 of Part 14 of the Income Tax Act 2007