[F1Disposals and repaymentsU.K.
Textual Amendments
F1Sch. A1 inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 10 para. 1 (with Sch. 10 para. 9(2))
5(1)This paragraph applies to—U.K.
(a)property which constitutes consideration in money or money's worth for the disposal of property to which paragraph 2 or paragraph 3(a) applies;
(b)any money or money's worth paid in respect of a creditor's rights falling within paragraph 3(a);
(c)any property directly or indirectly representing property within paragraph (a) or (b).
(2)If and to the extent that this paragraph applies to any property—
(a)for the two-year period it is not excluded property by virtue of section 6(1), (1A) or (2) or 48(3)(a), (3A) or (4), and
(b)if it is held in a qualifying foreign currency account within the meaning of section 157 (non-residents' bank accounts), that section does not apply to it for the two-year period.
(3)The two-year period is the period of two years beginning with the date of—
(a)the disposal referred to in sub-paragraph (1)(a), or
(b)the payment referred to in sub-paragraph (1)(b).
(4)The value of any property within sub-paragraph (1)(c) is to be treated as not exceeding the relevant amount.
(5)The relevant amount is—
(a)where the property within sub-paragraph (1)(c) directly or indirectly represents property within sub-paragraph (1)(a) (“the consideration”), the value of the consideration at the time of the disposal referred to in that sub-paragraph, and
(b)where the property within sub-paragraph (1)(c) directly or indirectly represents property within sub-paragraph (1)(b), the amount of the money or money's worth paid as mentioned in that sub-paragraph.]