Taxes Management Act 1970 section 12ZB

NRCGT return

Section 12ZB established the requirement for non-resident capital gains tax (NRCGT) returns to be filed following the disposal of UK property interests by non-residents, but has been repealed and replaced by updated provisions.

• Section 12ZB originally required non-UK residents to file a specific return (an NRCGT return) when they disposed of UK land or property that gave rise to a capital gains tax liability.
• The section was part of the regime introduced to tax gains made by non-residents on disposals of UK residential property.
• Finance Act 2019 Schedule 2 paragraph 25(3) repealed this section as part of a wider reform extending the charge on non-residents to all UK property disposals, not just residential property.
• The repeal took effect subject to transitional provisions in Schedule 2 paragraph 32(2), meaning the old rules may still apply to disposals that took place before the new regime came into force on 6 April 2019.

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