SCHEDULE 7 Remittance Basis: Exempt Property
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 7 Remittance Basis: Exempt Property

Section 20

1

Chapter A1 of Part 14 of ITA 2007 (remittance basis) is amended as follows.

2

In section 809X(3) (exempt property: public access rule), for “sections 809Z and 809Z1)†substitute “section 809Z)â€.

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 “anyâ€.

(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.â€

(4)     In subsection (6), after “exempt property†insert “by virtue of the first or second caseâ€.

4

After section 809YE insert—

“809YF Exception to section 809Y: compensation taken offshore or invested

(1)     Section 809Y(1) does not apply to property if—

(a)     it ceases to be exempt

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