Part 14Income tax liability: miscellaneous rules

C1C2C3C4F1Chapter A1Remittance basis

Annotations:
Amendments (Textual)
F1

Pt. 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)

Modifications etc. (not altering text)
C1

Pt. 14 Ch. A1 modified by 2003 c. 1, s. 41A(8) (as inserted (with effect in accordance with Sch. 7 para. 80 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 22)

C2

Pt. 14 Ch. A1 modified by 2003 c. 1, s. 41A(8) (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 80 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 22)

C3

Pt. 14 Ch. A1 modified by 1988 c. 1, s. 762ZB(3) (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94)

C4

Pt. 14 Ch. A1 modified by 1992 c. 12, s. 87B(3) (as inserted (21.7.2008 with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 108 (with Sch. 7 paras. 116-119))

Remittance of income and gains: property treated as not remitted

809YProperty that ceases to be exempt property treated as remitted

1

Property that ceases to be exempt property is to be treated as having been remitted to the United Kingdom at the time it ceases to be exempt property.

2

Property ceases to be exempt property in either of the following cases.

3

The first case is where the whole or part of the exempt property is sold, or otherwise converted into money, whilst it is in the United Kingdom.

4

The second case is where the property—

a

is exempt property only because it meets one or more of the relevant rules,

b

ceases to meet that rule, or all of those rules, whilst it is in the United Kingdom, and

c

does not meet any other relevant rule.

5

In this section—

  • “money” includes—

    1. a

      a traveller's cheque,

    2. b

      a promissory note,

    3. c

      a bill of exchange, and

    4. d

      any other—

      1. i

        instrument that is evidence of a debt, or

      2. ii

        voucher, stamp or similar token or document which is capable of being exchanged for money, goods or services, and

  • “relevant rule” means—

    1. a

      the public access rule,

    2. b

      the personal use rule,

    3. c

      the repair rule, and

    4. d

      the temporary importation rule.