F1SCHEDULE A1Non-excluded overseas property
PART 2Supplementary
Disposals and repayments
5
1
This paragraph applies to—
a
property which constitutes consideration in money or money's worth for the disposal of property to which paragraph 2 or paragraph 3(a) applies;
b
any money or money's worth paid in respect of a creditor's rights falling within paragraph 3(a);
c
any property directly or indirectly representing property within paragraph (a) or (b).
2
If and to the extent that this paragraph applies to any property—
a
for the two-year period it is not excluded property by virtue of section 6(1), (1A) or (2) or 48(3)(a), (3A) or (4), and
b
if it is held in a qualifying foreign currency account within the meaning of section 157 (non-residents' bank accounts), that section does not apply to it for the two-year period.
3
The two-year period is the period of two years beginning with the date of—
a
the disposal referred to in sub-paragraph (1)(a), or
b
the payment referred to in sub-paragraph (1)(b).
4
The value of any property within sub-paragraph (1)(c) is to be treated as not exceeding the relevant amount.
5
The relevant amount is—
a
where the property within sub-paragraph (1)(c) directly or indirectly represents property within sub-paragraph (1)(a) (“the consideration”), the value of the consideration at the time of the disposal referred to in that sub-paragraph, and
b
where the property within sub-paragraph (1)(c) directly or indirectly represents property within sub-paragraph (1)(b), the amount of the money or money's worth paid as mentioned in that sub-paragraph.
Sch. A1 inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 10 para. 1 (with Sch. 10 para. 9(2))