Taxation of Chargeable Gains Act 1992 section 80

Trustees ceasing to be resident in UK

Section 80 deals with the capital gains tax consequences when trustees of a settlement cease to be UK resident, triggering a deemed disposal and reacquisition of the settlement's assets at market value.

• When trustees become non-UK resident, they are treated as having disposed of and immediately reacquired all settled property at market value, crystallising any accrued gains
• Assets used in a UK trade carried on through a branch or agency, where those assets are situated in the UK, are excluded from the deemed disposal
• Assets protected from UK tax on disposal under double taxation relief arrangements are also excluded from the deemed disposal
• Roll-over relief under section 152 is denied where old assets were disposed of before the trustees became non-resident and new assets are acquired afterwards, unless those new assets are UK-situated and used in a UK branch or agency trade