Section 809Y — Finance Act 2008: Property that ceases to be exempt property treated as remitted

Property that ceases to be exempt property treated as remitted 809Y 1 Property that ceases to be exempt property is to be treated as having been remitted to the United Kingdom at the time it ceases to be exempt property.

2 Property ceases to be exempt property in either of the following cases.

3 The first case is where the whole or part of the exempt property is sold, or otherwise converted into money, whilst it is in the United Kingdom.

4 The second case is where the property—

a is exempt property only because it meets one or more of the relevant rules, b ceases to meet that rule, or all of those rules, whilst it is in the United Kingdom, and c does not meet any other relevant rule.

5 In this section— “ money ” includes—

a traveller's cheque, a promissory note, a bill of exchange, and any other— instrument that is evidence of a debt, or voucher, stamp or similar token or document which is capable of being exchanged for money, goods or services, and “ relevant rule ” means— the public access rule, the personal use rule, the repair rule, and the temporary importation rule.