Part 2 Remittance for Investment Purposes
Finance Act 2012 (2012 c 14) | Legislation

Part 2 Remittance for Investment Purposes

Relief for investments

6

For the italic heading preceding section 809V substitute “Relief for money used to pay tax etcâ€.

7

After section 809V insert—

“Business investment relief
809VA Money or other property used to make investments

(1)     Subsection (2) applies if—

(a)     a relevant event occurs,

(b)     but for subsection (2), income or chargeable gains of an individual would be regarded as remitted to the United Kingdom by virtue of that event, and

(c)     the individual makes a claim for relief under this section.

(2)     The income or gains are to be treated as not remitted to the United Kingdom.

(3)     A “relevant event†occurs if money or other property—

(a)     is used by a relevant person to make a qualifying investment, or

(b)     is brought to or received in the United Kingdom in order to be used by a relevant person to make a qualifying investment.

(4)     Subsection (1)(b) includes a case where income or gains would be treated under section 809Y as remitted to the United Kingdom by virtue of the relevant event.

(5)     Subsection (2) applies by virtue of subsection (3)(b)

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