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HMRC internal manual

Residence, Domicile and Remittance Basis Manual

Remittance Basis: Introduction to the Remittance Basis: Comparisons with pre-April 2008 regime: Other changes - capital gains foreign losses

Before tax year 2008-09 the remittance basis automatically applied to non domiciled individuals in respect of their foreign gains. These individuals were only taxed when they remitted any gains to the UK. However they could not get capital gains tax relief for losses arising on foreign assets for those years.

For years from 2008-09 remittance basis users may make an election under TCGA92/s16ZA if they wish to offset foreign losses against foreign chargeable gains. The election must be made for the first tax year after 2008-09 for which the remittance basis is used. There are specific rules which deal with the ordering of the use of these losses. Also refer to RDRM31170 foreign chargeable gains.

You should refer to the Capital Gains Manual (CG25330+) for full details of the election, and how such losses may be utilised.