Sch 1 para 77
(1) Section 261ZA (gifts of UK residential property interests to non-residents) is amended as follows. (2) In subsection (1)— (a) in the opening words, for “of a UK residential property interest” substitute “ of an asset within section 1A(3)(b) or (c) ” , and (b) for paragraph (b) substitute— (b) on the assumption that the disposal is a direct or indirect disposal of UK land which meets the non-residence condition (whether or not that is the case), that gain would be a relevant gain (see subsections (6) and (7)). (3) In subsection (3)— (a) in the opening words, for “non-resident CGT disposal” substitute “ direct or indirect disposal of UK land which meets the non-residence condition ” , (b) in paragraph (a), for “ “chargeable NRCGT gain”” substitute “ “relevant gain” ” , and (c) in paragraph (b), for “ “the chargeable NRCGT gain” substitute “ “the relevant gain”. (4) In subsection (4)— (a) in the opening words, for “the interest in UK land” substitute “ the asset within section 1A(3)(b) or (c) ” , and (b) in paragraph (b)— (i) for “a chargeable NRCGT gain” substitute “ a relevant gain ” , and (ii) for “a non-resident CGT disposal” substitute “ a direct or indirect disposal of UK land which meets the non-residence condition ” . (5) In subsection (5)(b)(i)— (a) for “a non-resident CGT disposal” substitute “ a direct or indirect disposal of UK land which meets the non-residence condition ” , and (b) for “the chargeable NRCGT gain” substitute “ the relevant gain ” . (6) For subsection (6) substitute— (6) For the purposes of this section, a disposal is a “direct or indirect disposal of UK land which meets the non-residence condition” if it is— (a) a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or (b) a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c). (7) For the purposes of this section, a “ relevant gain ” means so much of any chargeable gain accruing on a disposal as falls to be dealt with as mentioned in subsection (6)(a) or (b). (7) In the title, for “UK residential property interests” substitute “ direct or indirect interests in UK land ” .