CG73763 | Non-Resident Capital Gains Tax (NRCGT) – Disposals on or after 6 April 2015 to 5 April 2019: Individuals: Special rules, and computation: Existing CGT provisions for individuals chargeable to Non-resident CGT: Allowable losses

Non-resident CGT losses are to be computed in the same way as for non-resident CGT gains, in line with the general principle at TCGA92/S16.

The provisions on losses in TCGA92/S2* are amended by the 2015 legislation. A person who becomes UK resident is allowed to use unused allowable non-resident CGT losses that accrued to them in the part of the tax year in question when they were non-resident, against general chargeable gains. This includes any allowable non-resident CGT losses from previous tax years

TCGA92/S4B* provides that in deciding which allowable losses are to be deducted from which chargeable gains, the losses may be used in the most beneficial way. Similarly, where the gains accruing to a person are chargeable to CGT at different rates, the exempt amount may be used in the most beneficial way. The provision is recast in a way that makes it compatible with other changes to TCGA arising from the introduction of non-resident CGT.

*These sections were re-written for disposals from 6 April 2019 see CG10150