Finance Act 2012 (c. 14)

SCHEDULES

SCHEDULE 14 U.K. Gifts to the nation

PART 5 U.K. Related changes

ITA 2007 U.K.

35 U.K. In Chapter A1 of Part 14 of ITA 2007 (income tax: remittance basis), after section 809YD (inserted by Schedule 12 to this Act) insert—

“809YE Exception to section 809Y: gifts to the nation

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

(a) it ceases to be exempt property in the second case mentioned in that section, and

(b) by no later than the time when it ceases to be exempt property, it has been donated in the circumstances described in paragraph 1 of Schedule 14 to FA 2012 (gifts to the nation).

(2) Where section 809Y(1) does not apply to property by virtue of this section, the property is to continue to be treated as not remitted to the United Kingdom even though it no longer meets any of the relevant rules.”