279 Foreign assets: delayed remittances
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

279  Foreign assets: delayed remittances

(1)     Subsection (2) below applies where—

(a)     chargeable gains accrue from the disposal of assets situated outside the United Kingdom, and

[(b)     he person charged or chargeable makes a claim, and

(c)     the conditions set out in subsection (3) below are, so far as applicable, satisfied as respects those gains (“the qualifying gains”);]

and subsection (2)(b) also applies where a claim has been made under section 13 of the 1979 Act.

(2)     For the purposes of capital gains tax—

(a)     the amount of the qualifying gains shall be deducted [. . .] from the amounts on which the claimant is assessed to capital gains tax for the year in which the qualifying gains accrued to the claimant, but

(b)     the amount so deducted shall be assessed to capital gains tax on the claimant

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