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ANDREW SEIDLER reminds advisers of the possible need for non-doms to make a timely election for capital losses
KEY POINTS
- The ability to claim relief for foreign capital losses.
- An election may be needed before gains or losses are actually made.
- Analysing the processes in TCGA 1992.
- The problems of declaring unremitted gains.
- HMRC forms and guidance.
If I am required to choose then tell me. If the choice is important I would like to know what I am getting into. If it binds me for the rest of my life I want to be active in my own decision.
These were the thoughts that went through my mind when I started to consider the new regime for foreign capital losses; perhaps not unnaturally I am therefore uneasy about it.
I am looking at the legislation at TCGA 1992 ss 16ZA to 16ZD introduced by FA...
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