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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)
Modifications etc. (not altering text)
C1No commentary item could be found for this reference key-b5c85c5c86db98b959e5afcecbd540f6Pt. 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)
C2Pt. 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)
C3Pt. 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)
C4Pt. 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))
(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—
a traveller's cheque,
a promissory note,
a bill of exchange, and
any other—
instrument that is evidence of a debt, or
voucher, stamp or similar token or document which is capable of being exchanged for money, goods or services, and
“relevant rule” means—
the public access rule,
the personal use rule,
the repair rule, and
the temporary importation rule.]