Taxation of Chargeable Gains Act 1992 Schedule D1 paragraph 2

Relief for qualifying foreign gains

Schedule D1 paragraph 2 explains how individuals who make a foreign gain claim for a tax year receive relief on their qualifying foreign gains.

• An individual who makes a foreign gain claim for a tax year is entitled to relief on each qualifying foreign gain identified in that claim.
• The relief works by deducting the total of those qualifying foreign gains from the individual's overall chargeable gains for the year.
• Only gains specifically identified in the claim qualify for the relief.
• The effect is to reduce the individual's chargeable gains figure, thereby lowering their capital gains tax liability.