Section 261 — Taxation of Chargeable Gains Act 1992: Section 260 relief: gifts to non-residents.

Section 260 relief: gifts to non-residents. 261 1 Subject to section 261ZA, section 260(3) shall not apply where the transferee is not resident in the United Kingdom.

2 Section 260(3) shall not apply where the transferee is an individual who—

a though resident ... in the United Kingdom, is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and b by virtue of the arrangements would not be liable in the United Kingdom to tax on a gain arising on a disposal of the asset occurring immediately after its acquisition.