Taxation of Chargeable Gains Act 1992 section 275

Location of assets

Section 275 sets out the rules for determining where different types of assets are treated as being located for capital gains tax purposes, which is particularly important when establishing whether non-UK residents fall within the charge to tax.

• Land, buildings and rights over them are located where the property physically sits; tangible moveable property (chattels) is located wherever it happens to be at the relevant time, so its tax location can change if it is moved to another country.
• Shares or debentures of governmental or municipal bodies are located in that authority's country; shares in or debentures of a UK-incorporated company are located in the UK; other registered shares or securities are located where they are registered (or where the principal register is, if there is more than one).
• A debt (whether secured or unsecured) is located in the UK if and only if the creditor is UK resident; ships and aircraft follow the residence of the owner rather than the country of registration; and goodwill of a trade or profession is located where the business is carried on.
• Intellectual property such as patents, trade marks, service marks and registered designs is located where it is registered; copyright, design rights, franchises and licences to use any of these are located in the UK if they, or any right derived from them, are exercisable in the UK.