Schedule 1 | UK resident individuals to whom the remittance basis applied ^F1F2

Foreign gains treated as accruing when remitted to UK^F1

(1)This paragraph applies in the case of an individual to whom the remittance basis applied for a tax year if—^F1F3

(a)in that year the individual disposes of foreign assets,^F1

(b)chargeable gains accrue to the individual on the disposal of those assets, and^F1

(c)the gains are not taken outside the charge to capital gains tax as a result of section 1G (cases where tax year is a split year).^F1

(2)The gains are treated as accruing to the individual only so far as, and at the time when, they are remitted to the United Kingdom.^F1

(3)The amount treated as accruing is equal to the full amount remitted to the United Kingdom at that time.^F1

Use of allowable losses against foreign gains remitted in later year^F1

(2)Repealed^F4

Matching rules for relieving allowable losses^F1

(3)Repealed^F5

Rules for matching losses to chargeable gains^F1

(4)Repealed^F6

Definitions^F1

(1)For the purposes of this Schedule “foreign asset” means an asset situated outside the United Kingdom.^F1

(2)For the purposes of this Schedule any reference to “the remittance basis” applying to an individual for a tax year is to section 809B, 809D or 809E of ITA 2007 applying to the individual for the year.^F1

(3)For the purposes of this Schedule any question as to whether, and when, amounts are “remitted to the United Kingdom” is determined in accordance with the rules in Chapter A1 of Part 14 of ITA 2007.^F1