Section 809P — Finance Act 2008: Section 809L: amount remitted

Section 809L: amount remitted 809P 1 The amount of income or chargeable gains remitted to the United Kingdom is to be determined as follows.

2 If the property, service or consideration is the income or chargeable gains, the amount remitted is equal to the amount of the income or chargeable gains.

3 If the property, service or consideration derives from the income or chargeable gains, the amount remitted is equal to the amount of income or chargeable gains from which the property, service or consideration derives.

4 If the income or chargeable gains are used as mentioned in section 809L(3)(c), the amount remitted is equal to the amount of income or chargeable gains used; but this is subject to subsection (10).

5 If anything deriving from the income or chargeable gains is used as mentioned in section 809L(3)(c), the amount remitted is equal to the amount of income or chargeable gains from which what is used derives; but this is subject to subsection (10).

6 In a case falling within section 809L(4)(a) or (b), the amount remitted is equal to the amount of the relevant income or chargeable gains.

7 In a case falling within section 809L(4)(c), the amount remitted is equal to the amount of the relevant income or chargeable gains; but this is subject to subsection (10).

8 In a case falling within section 809L(5)(a) or (b), the amount remitted is equal to the amount of the income or chargeable gains referred to in section 809O(4)(c).

9 In a case falling within section 809L(5)(c), the amount remitted is equal to the amount of the income or chargeable gains referred to in section 809O(4)(c); but this is subject to subsection (10).

10 If the debt is only partly in respect of the property or service, the amount remitted is (if it would otherwise be greater) limited to the amount the debt would be if it were wholly in respect of the property or service.

11 In subsections (6) and (7) “ relevant income or chargeable gains ” means—

a if the qualifying property falls within section 809N(7)(a), the income or gains—

i of which the qualifying property consists, or ii from which the qualifying property derives;

b if the qualifying property falls within section 809N(7)(b), the income or gains—

i of which the property given to the gift recipient consisted, or ii from which that property derived;

c if the qualifying property falls within section 809N(7)(c), the income or gains—

i of which the property given to the gift recipient consists, or ii from which that property derives.

12 If the amount remitted (taken together with any amount previously remitted) would otherwise exceed the amount of the income or chargeable gains, the amount remitted is limited to the amount which (when taken together with any amount previously remitted) is equal to the amount of the income or chargeable gains.