Income Tax Act 2007 section 809Z6

Exempt property: other interpretation

Section 809Z6 provides key definitions and interpretation rules for the exempt property provisions within the remittance basis rules (sections 809X to 809Z5).

• For the purposes of the exempt property rules, "property" does not include money, and "money" is broadly defined to cover travellers' cheques, promissory notes, bills of exchange, debt instruments, and vouchers or tokens exchangeable for money, goods or services.
• References to property being "in the United Kingdom" mean property that has been brought to, received in, or used in the UK in circumstances where section 809L(2)(a) applies — that is, in circumstances that would constitute a taxable remittance.
• Property is only treated as lost, stolen or destroyed for these purposes if that event occurs while the property is in the United Kingdom; a "compensation payment" means any payment (whether under insurance or otherwise) received in respect of such property, and is "released" on the day it first becomes available for use in the UK by or for the benefit of any relevant person.
• Lost or stolen property is treated as "recovered" on the day it becomes available to be used or enjoyed in the UK by or for the benefit of a relevant person.