Commentary

C1.605 Relief in respect of delayed remittances

Capital gains tax
Capital gains tax | Commentary

C1.605 Relief in respect of delayed remittances

Capital gains tax | Commentary

C1.605 Relief in respect of delayed remittances

Relief from UK income tax is granted in certain circumstances where because of exchange restrictions there is delay in the remittance of overseas income to the UK1 (see E4.787A and E6.414A).

CGT may be chargeable on the arising basis in respect of the disposal of a foreign asset, notwithstanding that due to local restrictions, the taxpayer may not be able to enjoy the proceeds by remitting them to the UK. There is a comparable relief for capital gains tax in respect of remittances of capital gains from abroad2, which is on similar lines to the income tax provisions3. The relief is given where the taxpayer makes a claim to the effect that he was unable to transfer the gains to the UK and that his inability was due to the laws or to the executive action of the foreign country where the assets were situated at the time of disposal, or to the shortage of foreign currency there, and that it was not due to any want of

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