TAXguide 06/18: Rebasing and changes to the CGT foreign capital losses election
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. In TAXguide 06/18 ICAEW, STEP, the CIOT and the Law Society have published questions and draft suggested answers to highlight and consider areas of uncertainty in the statutory provisions for rebasing and the changes to the CGT foreign capital losses election. Read a summary and download the full guide.
- Cleansing of mixed funds - TAXguide 05/18.
- Rebasing and the changes to the CGT foreign capital losses election - TAXguide 06/18.
- Trust protections and other trust issues - TAXGuide 07/18.
- The extension of IHT to overseas property representing UK property interests - TAXguide 13/18.
The draft suggested answers in this guide have not been agreed by or commented upon by HMRC and should not be taken as representing HMRC’s views. The Tax Faculty will update this TAXguide when HMRC’s comments have been received.
The draft suggested answers reflect the views of the committee members of the professional bodies involved in their preparation on the generic issues addressed in the questions and draft suggested answers.
The questions and draft suggested answers are intended to assist professional advisers in considering the issues, do not constitute advice and are not a substitute for professional consideration of the issues by such a professional adviser in each client’s specific context.
If you are required to advise a client outside of your experience, we recommend that you consider enlisting specialist help, for example the TAXconnect.
The full 25-page guide contains:
|A||Capital Gains Tax Rebasing||1-5|
|B||Interaction between rebasing and cleansing||6-9|
|C||The CGT foreign capital losses election||10-11|
|Appendix 1: The CGT rebasing legislation|
|Appendix 2: UK resident foreign domiciliaries – the foreign capital loss election legislation|
|HMRC CGT rebasing guidance|
|HMRC foreign capital losses elections guidance|