Taxation of Chargeable Gains Act 1992 Schedule 4ZZB paragraph 13

Assets held at 5 April 2015 (where no election made and no rebasing in 2016 required)

Paragraph 13 of Schedule 4ZZB deals with how to calculate chargeable gains or losses on the disposal of non-resident capital gains tax (NRCGT) assets that were held on 5 April 2015, where the taxpayer has not elected for a specific computational method and where the 2016 rebasing rules do not apply.

• Where an NRCGT asset was held on 5 April 2015 and no election has been made for an alternative calculation method, a default time-apportionment approach is used to compute any gain or loss on disposal.
• Time apportionment works by calculating the total gain or loss over the entire period of ownership and then attributing only the proportion that relates to the period from 6 April 2015 to the date of disposal.
• This paragraph applies only where the 2016 rebasing provisions are not in play — meaning the asset is not subject to the separate rules that rebase its value to April 2019 or another relevant date.
• The provision was introduced as part of the framework bringing non-UK residents within the charge to capital gains tax on UK property disposals, and was amended by Finance Act 2019, Schedule 1, paragraph 19.