Taxes Management Act 1970 section 12ZI

NRCGT returns and annual self-assessment: section 8A

Section 12ZI deals with how non-resident capital gains tax (NRCGT) returns interact with the annual self-assessment return under section 8A, ensuring that gains already reported through an NRCGT return are properly reflected in the taxpayer's annual return.

• Where a person has filed an NRCGT return for a disposal, their annual self-assessment return under section 8A must still include the relevant capital gains information.
• The section ensures that amounts already assessed and paid through the NRCGT return process are taken into account when calculating the tax due on the annual return, preventing double taxation.
• This provision was amended by Finance Act 2019, Schedule 2, paragraph 25(3), reflecting changes to the non-resident capital gains tax regime.
• Transitional provisions under Schedule 2, paragraph 32(2) of the Finance Act 2019 apply to ensure a smooth changeover between the old and new rules.

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