Malcolm Finney comments on some tax aspects of foreign-owned assets.
UK resident individuals are liable to capital gains tax (CGT) on worldwide assets (i.e., assets wherever located). However, those individuals who are UK resident but non-UK domiciled are subject to CGT on gains arising on foreign situate assets only as and when any gain is remitted to the UK.
The situs of assets is thus crucial to any determination of liability to CGT for the non-domiciled.
Asset situs
Foreign chargeable gains are defined as gains which accrue on a disposal of assets located outside the UK, and TCGA 1992 contains provisions (TCGA 1992, ss 275 to 275C) to determine the situs of any asset.
However, these rules are not comprehensive and where the situs of any asset is not provided for in the provisions referred to above, it is the common law rules which
