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Income Tax Act 2007
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Changes over time for: Section 809VA
Version Superseded: 15/03/2018
Alternative versions:
- 17/07/2012- Amendment
- 19/12/2012
Point in time - 15/03/2018- Amendment
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Point in time view as at 19/12/2012. This version of this provision has been superseded.
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[F1[F2809VAMoney or other property used to make investmentsU.K.
This section has no associated Explanatory Notes
(1)Subsection (2) applies if—
(a)a relevant event occurs,
(b)but for subsection (2), income or chargeable gains of an individual would be regarded as remitted to the United Kingdom by virtue of that event, and
(c)the individual makes a claim for relief under this section.
(2)The income or gains are to be treated as not remitted to the United Kingdom.
(3)A “relevant event” occurs if money or other property—
(a)is used by a relevant person to make a qualifying investment, or
(b)is brought to or received in the United Kingdom in order to be used by a relevant person to make a qualifying investment.
(4)Subsection (1)(b) includes a case where income or gains would be treated under section 809Y as remitted to the United Kingdom by virtue of the relevant event.
(5)Subsection (2) applies by virtue of subsection (3)(b) to the extent only that the investment is made within the period of 45 days beginning with the day on which the money or other property is brought to or received in the United Kingdom.
(6)Where some but not all of the money or other property is used to make the investment within that 45-day period, the part of the income or gains to which subsection (2) applies is to be determined on a just and reasonable basis.
(7)Subsection (2) does not apply if the relevant event occurs, or the investment is made, as part of or as a result of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
(8)A claim for relief under this section must be made on or before the first anniversary of the 31 January following the tax year in which the income or gains would, but for subsection (2), be regarded as remitted to the United Kingdom by virtue of the relevant event.]]
Textual Amendments
F1Pt. 14 Ch. A1 inserted (21.7.2008 with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 1 (with Sch. 7 paras. 85-89)
F2Ss. 809VA-809VO and cross-heading inserted (17.7.2012) (with effect in accordance with Sch. 12 para. 17 of the amending Act) by Finance Act 2012 (c. 14), Sch. 12 para. 7
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