Part 14Income tax liability: miscellaneous rules

F1Chapter A1Remittance basis

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—

(a)

a traveller's cheque,

(b)

a promissory note,

(c)

a bill of exchange, and

(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—

(a)

the public access rule,

(b)

the personal use rule,

(c)

the repair rule, and

(d)

the temporary importation rule.