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Elective NRCGT return

Elective NRCGT return

Finance Act 2016 states the NRCGT return is elective if there's no gain or loss. I believe this provision is backdated to April 2015. Does this mean no CHARGEABLE gain or loss, e.g. if an sale is only subject to CGT on gains from 6th April 2015 and is sold very soon thereafter such that sale price equates to 6th April 2015 market value, no chargeable gain has been made, is the NRCGT within 30 days elective or compulsory?

Many thanks.

"In TMA 1970, after section 12ZB (NRCGT return) insert—

“12ZBAElective NRCGT return

(1)A person is not required to make and deliver an NRCGT return under section 12ZB(1), but may do so, in circumstances to which this section applies.

(2)The circumstances to which this section applies are where the disposal referred to in section 12ZB(1) is—

(a)a disposal on or after 6 April 2015 where, by virtue of any of the no gain/no loss provisions, neither a gain nor a loss accrues, or..........."


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10th Nov 2017 11:10

You are misinterpreting it. It is saying that you don't need a return if one of the no gain/no loss provisions applies (eg transfer between spouses, or transfer between members of a group, where both companies are non-resident).

Thanks (1)
to Portia Nina Levin
10th Nov 2017 11:16

Thanks. I thought I must have missed something, or there would be no point having a fixed penalty at all.

Thanks (0)
10th Nov 2017 16:03

Doesn't the NRCGT legislation refer to a "taxable" person. So if there is no CGT liability a NRCGT Return is not due? I'm sure this was mentioned by a Judge in a recent FTT case.

Thanks (1)
to Wall1690
10th Nov 2017 16:34

He did "argue" that that was the case, but then he went on to use the phrase, "in case I am wrong..."

FTT decisions are also not binding.

Thanks (1)
10th Nov 2017 19:27

I suspect you have missed the deadline.

Get it filed and appeal the £1600 penalty - if they are still raising them these days post their realisation that it was a needlessly high penalty.

Still a stupid deadline - goes way above the need to protect the exchequer.

Don't get me started on the trend of reducing Co House deadlines from 30 to 14 days - yeah, like that will stop all the terrorists - as has been the standard reasoning for any draconian measure introduced in the past 15 years.

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