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JOHN TALLON QC assesses the CGT measures proposed in the 2005 Budget.
THE GENERAL RULE is that liability to UK CGT on chargeable gains accruing on the disposal of an asset only attaches to taxpayers who are either resident or ordinarily resident in the UK in the year of assessment in which the disposal is made ( TCGA 1992, s 2(1) ). That general rule is subject 'to any exceptions provided' by the TCGA.
JOHN TALLON QC assesses the CGT measures proposed in the 2005 Budget.
THE GENERAL RULE is that liability to UK CGT on chargeable gains accruing on the disposal of an asset only attaches to taxpayers who are either resident or ordinarily resident in the UK in the year of assessment in which the disposal is made ( TCGA 1992 s 2(1) ). That general rule is subject 'to any exceptions provided' by the TCGA.
One major exception was introduced by FA 1998 with effect from (in most cases) 1998-99. Put shortly where a UK resident became non-resident but resumed UK residence without five full years of assessment of non-residence having elapsed any gains in the intervening years of non-residence on disposals of assets acquired before becoming non-resident became chargeable to CGT under TCGA 1992 s 10A as if such gains 'were gains … accruing...
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