Part 3 Sales of Exempt Property
Finance Act 2012 (2012 c 14) | Legislation

Part 3 Sales of Exempt Property

Relief from deemed remittance rule

18

After section 809Y of ITA 2007 (property that ceases to be exempt property treated as remitted) insert—

“809YA Exception to section 809Y: proceeds taken offshore or invested

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

(a)     it ceases to be exempt property because the whole of it is sold whilst it is in the United Kingdom, and

(b)     conditions A to F are met.

(2)     Condition A is that the sale is to a person other than a relevant person.

(3)     Condition B is that the sale is by way of a bargain made at arm's length.

(4)     Condition C is that, once the sale is completed, no relevant person—

(a)     has any interest in the property,

(b)     is able or entitled to benefit from the property by virtue of any interest, right or arrangement, or

(c)     has any right (whether conditional or unconditional) to acquire any interest mentioned in paragraph (a) or ability or entitlement mentioned in paragraph (b).

(5)     Condition D is that the whole of the disposal proceeds are released (whether in one go or in instalments) on or before the final

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