Part 14Income tax liability: miscellaneous rules
C5C6C7C8C3C1C2C4F1Chapter A1Remittance basis
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)
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)
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)
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))
Pt. 14 Ch. A1 modified (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 19(3)
Pt. 14 Ch. A1 modified by 2003 c. 1, s. 41F(8) (as substituted (6.4.2015) by Finance Act 2014 (c. 26), Sch. 9 paras. 5, 47 (with Sch. 9 para. 48))
Pt. 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))
Pt. 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))
Interpretation of Chapter
809Z9F4Taking proceeds etc offshore or investing them
1
This section applies to a provision of this Chapter that is satisfied if something (for example, disposal proceeds) is taken offshore or used by a relevant person to make a qualifying investment.
2
Things are to be regarded as “taken offshore” if (and only if) they are taken outside the United Kingdom such that, on leaving the United Kingdom, they cease to be available—
a
to be used or enjoyed in the United Kingdom by or for the benefit of a relevant person, or
b
to be used or enjoyed in any other way that would count as remitting income or gains to the United Kingdom.
3
If—
a
the thing required to be taken offshore or invested is money, and
b
it is paid temporarily into an account pending satisfaction of the provision,
the provision is satisfied only if the money actually taken offshore or invested is taken from the same account.
4
If the thing required to be taken offshore or invested is something in money's worth, the provision may be satisfied—
a
by taking the thing offshore or investing it, or
b
by taking offshore or investing money or other property of the equivalent value.
5
“The equivalent value” is the market value of the thing in money's worth, assessed as at the date of the sale or other disposal in relation to which the provision is triggered.
6
If the consideration for a disposal is deemed under section 809Z8(4), the provision may be satisfied by taking offshore or investing money or other property of a value equal to—
a
the amount of the deemed consideration, less
b
any agency fees (within the meaning of section 809Z8) that are deducted before the actual consideration is paid or otherwise made available to or for the benefit of a relevant person.
7
Subsections (4)(b) and (6) do not apply in the case of other property of the equivalent value if the other property is—
a
exempt property under section 809X,
b
consideration for the disposal of any such exempt property, or
c
consideration for the disposal of all or part of the holding (see section 809VC) relating to a qualifying investment.
8
Money or other property taken offshore or invested in accordance with subsection (4)(b) or (6) is to be treated for the purposes of this Chapter—
a
as deriving from the thing required to be taken offshore or invested, and
b
as having the same composition of kinds of income and capital as that thing.
9
A provision to which this section applies may be satisfied—
a
by taking the whole thing offshore or investing the whole thing, or
b
by taking one part offshore and investing the other part.
10
References in this section to something being “invested” are to something being used by a relevant person to make a qualifying investment.
11
The provisions to which this section applies include F3sections 809UA(2) and 809VB(2), but in those cases—
a
disregard references in this section to investment, and
b
F2in the case of section 809VB(2), the assessment date for the purposes of subsection (5) is the date of the relevant event (see section 809VA(3)(b)).
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)