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HMRC internal manual

Employment Related Securities Manual

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HM Revenue & Customs
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Remittance of foreign securities income and the interaction with capital gains - up to 5 April 2015: subsequent adjustments

Any remittances of foreign securities income within any of the categories in TCGA92/S119A(3) which occur before the end of the tax year in which the CGT disposal occurs are taken into account in the CGT computation as initially drawn up. That is the case even where the remittances occur after the date of the CGT disposal, provided they occur within the same tax year.

Where such a remittance takes place after the end of the tax year in which the CGT disposal takes place, TCGA92/S119B(4) provides that the person liable for CGT on the disposal may make a claim for section 119A(2) to have effect as if the remitted income had been remitted before the end of the tax year in which the disposal occurred. In other words, the CGT position may be recomputed taking into account remittances made after the year of disposal.

TCGA92/S119B(5) & (6) provide that all necessary adjustments (by way of repayment of tax, assessment or otherwise) are to be made to give effect to a claim under subsection (4); and that those adjustments may be made at any time, despite anything to the contrary in any enactment relating to capital gains tax.