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The place in which an asset is held to be located. The location determines the proper law to be applied in identifying the rights and liabilities associated with the asset. For capital gains tax, the disposal of a foreign situs asset does not give a charge to UK capital gains tax if the person making the disposal is not domiciled within the UK, has been in the UK for less than seven years, or has opted (and paid the fee for) remittance basis, and the proceeds of the disposal are not remitted to the UK. For inheritance tax, an asset with a foreign situs is an excepted asset.

Subjects: Accounting — Law.

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