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?
"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..........."