[809Y Property that ceases to be exempt property treated as remitted]
Income Tax Act 2007 (2007 c 3) | Legislation

[809Y  Property 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 [any] 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.

[(4A)     Where exempt property has been lost, stolen or destroyed, the first and second

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