CGT and Non Doms when remit part of proceeds

This is interesting. The new legislation states that when part of any proceeds are remitted this is classed as a remittance of the gain first (before the capital). So if proceeds were £1,000,000 and the gain was £300,000, you would elect the gain to give rise to the £30K tax charge. We'll assume this is £170,000. A remittance of any of the £1,000,000 proceeds would be classed as the gain first - up to £300,000 (this would be subject to capital gains tax. After this it would be tax free capital. However the gain itself has already been taxed in part (ie the £30K charge). So you'd be classed as remitting the £130K untaxed part of the gain first. Then the £170K gain that has already been taxed. Finally the remaining £700K of proceeds would then be free of tax as capital.