Income Tax Act 2007 section 809YB

Condition E: supplementary

Section 809YB provides supplementary rules allowing HMRC to extend the time limits within which disposal proceeds must be taken offshore or used to make a qualifying investment in order to satisfy Condition E.

• HMRC officers may agree to extend the deadline for taking disposal proceeds (or instalments) offshore or using them to make a qualifying investment
• Extensions are granted on a case-by-case basis and are not automatic
• The power to grant an extension may only be exercised in exceptional circumstances
• An extension can only be considered if the remittance basis user has specifically requested one