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Making the right choice

05 May 2009 / Andrew Seidler
Issue: 4204 / Categories: Comment & Analysis , Capital Gains , Losses
ANDREW SEIDLER reminds advisers of the possible need for non-doms to make a timely election for capital losses

KEY POINTS

  • The ability to claim relief for foreign capital losses.
  • An election may be needed before gains or losses are actually made.
  • Analysing the processes in TCGA 1992.
  • The problems of declaring unremitted gains.
  • HMRC forms and guidance.

If I am required to choose then tell me. If the choice is important I would like to know what I am getting into. If it binds me for the rest of my life I want to be active in my own decision.

These were the thoughts that went through my mind when I started to consider the new regime for foreign capital losses; perhaps not unnaturally I am therefore uneasy about it.

I am looking at the legislation at TCGA 1992 ss 16ZA to 16ZD introduced by FA...

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