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HMRC internal manual

Double Taxation Relief Manual

From
HM Revenue & Customs
Updated
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Non-residents: UK income: Chargeable gains

ICTA88/S11 (2)(b) and TCGA92/S10 (3) provide for chargeable gains on the disposal of assets situated in the United Kingdom to be included in the chargeable profits of a non- resident company if they would be chargeable under TCGA92/S10 in the case of a non- resident individual. There is thus a liability in respect of chargeable gains on the disposal of assets situated in the United Kingdom and, broadly, used for the purposes of the trade, branch or agency at or before the time the gain accrued. The liability will not arise if the profits of the branch or agency are exempt from United Kingdom tax under a double taxation agreement. Our double taxation agreements normally preserve the United Kingdom taxing rights on capital gains on assets situated here or forming part of the business property of a permanent establishment here.