SCHEDULES
SCHEDULE 7Remittance basis: exempt property
3
1
Section 809Y (property that ceases to be exempt property treated as remitted) is amended as follows.
2
In subsection (2), for “either” substitute “
any
”
.
3
After subsection (4) insert—
4A
Where exempt property has been lost, stolen or destroyed, the first and second cases do not apply in relation to the property during any period—
a
beginning with the time at which it was lost, stolen or destroyed, and
b
(if lost or stolen) ending with the time at which it is recovered.
4B
The third case is where a compensation payment is released in respect of exempt property that has been lost, stolen or destroyed.
4
In subsection (6), after “exempt property” insert “
by virtue of the first or second case
”
.