Non-dom losses

I have a non-UK income tax domiciled client who was taxed on the remittance basis of taxation for the year ended 5 April 2009. He made a capital loss election under TCGA 1992 s 16ZA with his tax return for the year ended 5 April 2009.

In 2008/09 my client only had offshore losses during the year. For 2009/10 my client is going to be taxed on the arising basis of taxation. During 2009/10 my client has UK and non-UK capital gains.

Can my client carry forward the unused 2008/09 remittance basis losses to be set against the 2009/10 arising basis capital gains and if so in what order: offshore gains first or UK gains first?

Query 17 678 – Colonel Mustard

Reply from Hart’s Content

An election under TCGA 1992 ...