CG25510 - Non residents with a UK branch or agency: disposals

TCGA92/S1B

The disposal of an asset by an individual who is neither resident nor ordinarily resident* but is carrying on a trade, profession or vocation in the UK through a branch or agency will be an occasion of charge and the gain will be within the charge to Capital Gains Tax if

• at the time of the disposal the trade, profession or vocation continues to be carried on through the branch or agency in the UK

and

• the asset is situated in the UK

and

• at or before the time of the disposal the asset has been

• used in or for the purposes of the trade, profession or vocation

or

• used or held or acquired for the purposes of the branch or agency.

CG25520 explains how gains on the disposal of assets of a UK branch or agency are computed.

Where the asset is residential property the reporting requirements in Sch2 FA19 do not apply . The gain would just need to be returned within the Self Assessment return for the year.

* For 2013/14 and subsequent years the rules within the Statutory Residence Test will apply and ordinary residence is not considered.