CG12600 - Exemptions: persons who are not chargeable

TCGA92/S2** , TCGA92/S10** , TCGA92/S10B** & TCGA92/S276

Persons, including companies, are generally not chargeable to tax in respect of chargeable gains if, in the year of assessment or accounting period in which the disposal is made, they are neither

• resident nor, in the case of a person other than a company, ordinarily resident* in the UK, nor
• non-resident and in the case of a person other than a company carrying on a business in the UK through a branch or agency, see CG25500+, nor
• non-resident and in the case of a company carrying on a trade in the UK through a permanent establishment, see CG42100+, nor
• associated with exploration or exploitation activities in a designated area of the continental shelf.

See CG10700 for exceptions relating to UK real property.

TCGA92/S12**

Gains accruing on the disposal of foreign assets by an individual who is not domiciled in the UK are taxed in the same way as gains on UK assets, unless the remittance basis applies. Where the remittance basis applies, gains on foreign assets are not chargeable gains unless

• the gains are remitted to the UK, and
• the individual is resident or ordinarily resident in the UK.

See CG25300+.

* For 2013/14 and subsequent years ordinary residence does not need to be considered.

**There sprovisions were re-written for disposals from 6 April 2019 - see CG10150).