Taxes Management Act 1970 section 29A

Non-resident CGT disposals: determination of amount which should have been assessed

Section 29A provides a mechanism for HMRC to determine the correct amount of tax that should have been assessed in relation to capital gains tax disposals made by non-UK residents.

• This section applies specifically to capital gains tax arising from disposals of UK property and land by non-UK residents (known as non-resident CGT disposals).
• Where HMRC believes that the amount of CGT assessed on a non-resident CGT disposal is insufficient, they may make a determination of the amount that should have been assessed.
• The provision was introduced by Finance Act 2019, Schedule 2, paragraph 25(7), as part of the wider reforms extending the scope of UK CGT charges on non-residents disposing of UK property interests.
• This section gives HMRC an additional compliance tool to ensure the correct amount of tax is collected from non-resident disposers of UK property, supplementing the general discovery assessment powers elsewhere in the Act.

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