Section 3D — Taxation of Chargeable Gains Act 1992: Individuals who were non-UK domiciled

Individuals who were non-UK domiciled 3D 1 This section applies if, as a result of section 3, an amount in respect of a gain accruing to a company in tax year 2024-25 or an earlier tax year was apportioned to an individual who was not domiciled in the United Kingdom in that year.

2 The apportioned amount is regarded for the purposes of paragraph 1 of Schedule 1 as accruing on a disposal of a foreign asset if the asset disposed of by the company is a foreign asset (but not otherwise).

3 For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis)—

a treat any consideration obtained by the company on the disposal of the asset as deriving from the apportioned amount, and b if that consideration is less than the market value of the asset, treat the asset as deriving from the apportioned amount.

4 The apportioned amount may not be reduced or extinguished by a loss under section 3 if—

a the apportioned amount is regarded for the purposes of paragraph 1 of Schedule 1 as accruing on a disposal of a foreign asset, b the remittance basis applies to the individual for the tax year in question, and c any of the apportioned amount is remitted to the United Kingdom in a subsequent tax year.

5 Paragraph 5 of Schedule 1 applies for the purposes of this section as it applies for the purposes of that Schedule.