Commentary

C2.1144 Disposals of interests in UK land by non-residents—administration

Capital gains tax
Capital gains tax | Commentary

C2.1144 Disposals of interests in UK land by non-residents—administration

Capital gains tax | Commentary

C2.1144 Disposals of interests in UK land by non-residents—administration

Disposals of interests in UK land by non-residents—making an election

For both direct and indirect disposals of UK land, where the asset was owned before 6 April 2019, the default method of calculating the gain or loss is to use a form of rebasing. However, alternative methods of calculation are permitted (see C2.1145–C2.1148 and C2.1153A). In order to use one of the alternative methods, an election must be made by the non-resident person. The election can be made in either1:

  1.  

    •     an ordinary tax return2, or

  2.  

    •     a return under FA 2019, Sch 2

In most cases, the election will be irrevocable. However, an election in a return under FA 2019, Sch 2 may be revoked by providing a new election in an ordinary tax return (or an amendment to such a return) provided it is delivered on or before the filing date for the ordinary tax return3.

As companies are not required to report under the

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