Section 1N — Taxation of Chargeable Gains Act 1992: Section 1M(1): assets acquired in temporary period of non-residence

Section 1M(1): assets acquired in temporary period of non-residence 1N 1 An asset is excluded from section 1M(1) if—

a it was acquired by the individual in the temporary period of non-residence, b the acquisition was otherwise than by means of a disqualifying no gain/no loss disposal, c there is no reduction in the consideration for the acquisition under section 23(4)(b) or (5)(b), 152(1)(b), 153(1)(b), 162(3)(b) or 247(2)(b) or (3)(b) by reference to a UK resident disposal, and d the asset is not an interest created by or arising under a settlement.

2 This exclusion does not apply in the case of an asset (“the new asset”) if—

a on a disposal of the new asset a gain or loss is treated as a result of 116(10) or (11), 134 or 154(2) or (4) as accruing (ignoring section 1M),

b the gain or loss is calculated by reference to another asset (“the old asset”),

and c the new asset is one that meets the conditions for exclusion but the old asset does not.

3 For the purposes of this section “ a UK resident disposal ” means a disposal by a person (“P”) of an asset which was acquired by P at a time when—

a P was resident in the United Kingdom, and b P was not Treaty non-resident.

4 For the purposes of this section “ a disqualifying no gain/no loss disposal ” means a UK resident disposal to which section 58, 73 or 258(4) applies.