Finance (No. 2) Act 2017

42 (1) This paragraph applies for the purposes of paragraph 41(1)(c) in the case of an asset which, having been situated outside the United Kingdom, becomes situated in the United Kingdom before the end of the relevant period. U.K.

(2) The asset is to be regarded as not situated in the United Kingdom at a time in the relevant period when—

(a) it meets the condition in section 809Z(3)(a), (b) or (c) of ITA 2007 (public access),

(b) it meets the condition in section 809Z3(3)(a), (b) or (c) of ITA 2007 (repairs),

(c) the sole or principal purpose of its being situated in the United Kingdom is to sell it or put it up for sale, or

(d) in the case of clothing, footwear, jewellery or a watch, it is for the personal use of—

(i) P or a husband, wife or civil partner of P, or

(ii) a child or grandchild of a person within sub-paragraph (i), if the child or grandchild has not reached the age of 18.

(3) The asset is to be regarded as not situated in the United Kingdom at any time in the relevant period if it is brought to, or received or used in, the United Kingdom in circumstances in which section 809L(2)(a) of ITA 2007 applies but—

(a) by virtue of section 809X(5)(c) of ITA 2007 (notional remitted amount less than £1000) it is treated as not remitted to the United Kingdom, or

(b) by the end of the relevant period it has not failed to meet the temporary importation rule in section 809Z4 of ITA 2007.

(4) Section 809M(3)(a) and (b) of ITA 2007 (persons living together) apply for the purposes of sub-paragraph (2)(d)(i).