Taxes Management Act 1970 section 12ZE

NRCGT return to include advance self-assessment

Section 12ZE required that a non-resident capital gains tax (NRCGT) return must include a self-assessment of the tax due on the reported gain, calculated in advance of the normal self-assessment deadline.

• When filing an NRCGT return for a disposal of UK property, the person was required to include a self-assessment of the amount of capital gains tax they believed was payable on that disposal.
• This advance self-assessment was separate from the main annual self-assessment and had to be made at the time the NRCGT return was filed — typically within 30 days of the property disposal completing.
• The self-assessment included in the NRCGT return was based on the taxpayer's own computation of the gain and the tax due, taking into account available reliefs and the applicable tax rate.
• This section was amended by Finance Act 2019, Schedule 2, paragraph 25(3), as part of the wider reforms that extended UK property disposal reporting requirements to all UK residents disposing of residential property, not just non-residents.

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