Taxes Management Act 1970 section 59BB

CGT exit charge payment plans

Section 59BB introduces Schedule 3ZAA, which allows capital gains tax arising from certain exit charges to be paid in instalments rather than as a single lump sum.

• This section deals with capital gains tax liabilities triggered when an individual or trustees cease to be UK resident
• It covers deemed disposals by non-residents under TCGA 1992 section 25 and trustees ceasing UK residence under TCGA 1992 section 80
• The detailed rules for instalment payments are set out in Schedule 3ZAA to TMA 1970
• The provision was introduced by Finance Act 2019 to allow exit charge liabilities to be spread over time