[F1[F2809RDEffect where 30-day deadline is metU.K.
(1)This section applies if the required amount in relation to a breach of the deposit rule was transferred out of the account in accordance with section 809RC(2).
(2)Sections 809Q and 809R have effect as if—
(a)the intervening transactions had never taken place, and
(b)each prohibited sum represented by the required amount had instead been transferred directly (at the time that sum was paid into the qualifying account) into the account or other property into which the required amount was transferred by virtue of the single one-off transfer.
(3)Each of the following is an “intervening transaction”—
(a)each payment into the qualifying account of a prohibited sum represented by the required amount, and
(b)the single one-off transfer out of the qualifying account.
(4)If it is supposed under step 1 or 2 of section 809RA(2) that a single transfer had been made in the intervening period, re-apply section 809Q or 809R in relation to that transfer taking account of subsection (2).
(5)“The intervening period” is the period—
(a)beginning with the day on which the breach occurred, and
(b)ending with the day on which the single one-off transfer was made in accordance with section 809RC(2).
(6)If more than one transfer of a sum equal to the required amount was transferred out of the qualifying account within the 30-day grace period, the first of those transfers is assumed to be the single one-off transfer.
(7)“The 30-day grace period” is the period of 30 days mentioned in section 809RC(2).]]
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. 809RA-809RD inserted (with effect in accordance with Sch. 6 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 6 para. 6
Modifications etc. (not altering text)
C1Pt. 14 Ch. A1 modified by 2005 c. 5, s. 643F(4) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))
C2Pt. 14 Ch. A1 modified by 2005 c. 5, s. 643N(3)(4) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))
C3Ss. 809L-809Z6 applied by 2005 c. 5, s. 643I(9) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))
C4Ss. 809L-809Z6 applied by 2005 c. 5, s. 643A(6) (as inserted (with effect for the tax year 2018-19 and subsequent years) by Finance Act 2018 (c. 3), Sch. 10 paras. 11, 21(1) (with Sch. 11 para. 22))