Taxation of Chargeable Gains Act 1992 Schedule 4AA Paragraph 13

Re-basing to 5 April 2015 and 5 April 2019

Paragraph 13 establishes the re-basing rules that apply when a non-resident disposes of UK land or property, using two key valuation dates — 5 April 2015 and 5 April 2019 — to determine the chargeable gain or loss.

• When calculating the gain or loss on an actual disposal, the asset is treated as having been sold and immediately reacquired at market value on both 5 April 2015 and 5 April 2019, effectively resetting the base cost at each of those dates.
• Any gain or loss arising on the deemed sale at 5 April 2019 is treated as accruing at the time of the actual disposal, and is added to the gain or loss that arises on the actual disposal itself.
• If the asset was acquired after 5 April 2015, the first re-basing (to 5 April 2015) does not apply — only the 5 April 2019 re-basing is relevant.
• These re-basing rules can be overridden if the taxpayer makes an election under paragraph 14 to use the retrospective basis of calculation instead.