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Non-resident companies are not normally liable to tax on chargeable gains even if the assets disposed of by the company are situated in the UK. The main exceptions to this are:

1. •

   where the assets are used for the purposes of a trade carried on in the UK through a permanent establishment (PE), such as a branch or agency

2. •

   where the assets are interests in UK residential or commercial property or shares in a company that derives at least 75% of its gross asset value from UK land and the whole or part of the gain is within the scope of the FA 2019 NRCGT regime. See the Disposals of UK land by non-resident companies (NRCG regime) ― overview guidance note for further details

As there could be scope for a UK resident taxpayer (individual, company or trust) to avoid tax on disposals by holding assets within a foreign company, an anti-avoidance provision exists which attributes gains made by the non-resident company to the UK resident shareholders in proportion to their