FA 2008 modified the rules, its a case of swings and roundabouts, as Malcolm Finney explains.
Finance Act 2008 (FA 2008) has modified the rules applicable to non-UK situs (as in situated) capital losses for the non-UK domiciled but UK resident individual.
However, the rules applicable where the individual claims or has claimed in the past remittance basis treatment, post FA 2008, are different from those rules applicable to the individual who is not required to claim remittance basis treatment but is still subject to tax on the remittance basis.
For the UK domiciled and UK resident individual the position, pre and post FA 2008, is in principle the same.
Whilst capital gains arising on the disposal of non-UK situs as...