Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Feedback

04 December 2018
Issue: 4675 / Categories: Comment & Analysis
15328

Business investment relief and certificates of tax deposit

What should remittance basis users who dispose of shareholdings acquired under the business investment relief provisions do seeing as no new certificates of tax deposit (CTD) can be made?

These taxpayers can bring foreign income and capital gains into the UK for the purposes of investment in UK companies without triggering a remittance. When the investment is made through the acquisition of shares this is a UK situs asset so any disposal is chargeable for UK capital gains tax purposes.

On disposal the individual has 45 days either to take the proceeds (up to the amount originally invested) offshore or reinvest them in a new qualifying investment. Up to 22 November 2017 the individual could reduce the amount needed to be taken offshore or reinvested by the amount of capital gains tax due on the disposal of the shares as long as it was paid to...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon