Income Tax Act 2007 section 809Z5

Notional remitted amount

Section 809Z5 defines the "notional remitted amount" for property, which is the hypothetical amount that would be treated as remitted to the UK if the exempt property rules did not apply.

• The notional remitted amount is a hypothetical figure calculated by assuming the exempt property rules under section 809X do not apply.
• It represents the amount that would otherwise be treated as remitted to the UK in relation to the property in question.
• The concept exists to quantify the tax charge that would arise if property lost its exempt status.
• The definition was introduced by Finance Act 2008 and subsequently amended by Finance Act 2009.