Taxation of Chargeable Gains Act 1992 Schedule 4ZZB paragraph 14

Asset acquired after 5 April 2015 or election made under paragraph 2(1)(b) (but no rebasing in 2016 required)

Paragraph 14 of Schedule 4ZZB deals with how gains and losses are calculated on the disposal of non-resident capital gains tax (NRCGT) assets that were acquired after 5 April 2015, or where an election was made to use the 5 April 2015 market value as the acquisition cost, but where no rebasing to April 2019 values is required.

• This paragraph applies where a person disposes of an NRCGT asset that was either acquired after 5 April 2015 or where an election was made to treat the 5 April 2015 market value as the base cost, but where the 2019 rebasing rules do not apply.
• The gain or loss is computed by reference to the original acquisition cost or, if the paragraph 2(1)(b) election was made, the market value of the asset as at 5 April 2015.
• This rule ensures continuity with the pre-April 2019 NRCGT regime for assets that entered the charge after April 2015, so that the full period of ownership within the NRCGT regime is reflected in the computation.
• The provision was introduced by the Finance Act 2019, Schedule 1, paragraph 19, as part of the reforms extending capital gains tax to a wider range of disposals by non-UK residents.

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