- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (30/11/2017)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 15/03/2018
Point in time view as at 30/11/2017. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Income Tax Act 2007, Section 809VJ.
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(1)The grace period allowed for the step mentioned in section 809VI(2)(a) is the period of 90 days beginning—
(a)if the potentially chargeable event is a breach of the extraction of value rule, with the day on which the value is received, and
(b)otherwise, with the day on which a relevant person first became aware or ought reasonably to have become aware of the potentially chargeable event.
(2)The grace period allowed for the step mentioned in section 809VI(1) and (2)(b) is the period of 45 days beginning with the day on which the disposal proceeds first became available for use by or for the benefit of P or any other relevant person.
[F3(2A)But subsection (2B) applies instead of subsections (1) and (2) where the potentially chargeable event is a breach of the 5-year start-up rule by virtue of section 809VH(5)(b).
(2B)The grace period allowed for the steps mentioned in section 809VI(2)(a) and (2)(b) is the period of 2 years beginning with the day on which a relevant person first became aware or ought reasonably to have become aware of the potentially chargeable event referred to in subsection (2A).]
(3)An officer of Revenue and Customs may agree in a particular case to extend the grace period allowed for an appropriate mitigation step in exceptional circumstances.
(4)An officer of Revenue and Customs may agree in a particular case to extend the grace period allowed for an appropriate mitigation step in circumstances specified in regulations made by the Commissioners.
(5)Regulations under subsection (4) may have effect in relation to investments made before the day on which the regulations are made.
(6)Nothing in subsection (4) or in regulations made under it limits the power conferred by subsection (3).
(7)The powers conferred on officers of Revenue and Customs by subsections (3) and (4) include power to agree to extend a grace period for a length of time that is indefinite but is capable of becoming definite by means identified in the agreement (such as the satisfaction of conditions).]]
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
F3S. 809VJ(2A)(2B) inserted (with effect in accordance with s. 15(8) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 15(6)
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