Section 16ZA — Finance Act 2008: Losses: non-UK domiciled individuals

Losses: non-UK domiciled individuals 16ZA 1 In this section “ the relevant tax year ”, in relation to an individual, means the first tax year for which—

a section 809B of ITA 2007 (claim for remittance basis) applies to the individual, and b the individual is not domiciled in the United Kingdom.

2 An individual may make an election under this section for the relevant tax year (in which case sections 16ZB and 16ZC have effect in relation to the individual for the relevant tax year and all subsequent tax years).

3 If an individual does not make such an election, foreign losses accruing to the individual in—

a the relevant tax year, or b any subsequent tax year except one in which the individual is domiciled in the United Kingdom, are not allowable losses.

4 Sections 42 and 43 of the Management Act (procedure and time limit for making claims), except section 42(1A) of that Act, apply in relation to an election under this section as they apply in relation to a claim for relief.

5 An election under this section is irrevocable.

6 In this section “ foreign loss ” means a loss accruing from the disposal of an asset situated outside the United Kingdom.