Income Tax Act 2007 section 809Z9

Taking proceeds etc offline or investing them

Section 809Z9 defines what it means to take something "offshore" and sets out the rules for how disposal proceeds or other amounts can satisfy the requirement to be taken offshore or used to make a qualifying investment.

• Something is "taken offshore" only when it leaves the UK and is no longer available to be used or enjoyed in the UK by a relevant person, or in any way that would count as a remittance
• Where the item to be taken offshore is money temporarily held in a bank account, the requirement is met only if the money actually sent offshore or invested comes from that same account
• Where the item is something other than money (i.e. something in money's worth), the requirement can be met either by sending the item itself offshore or by sending offshore money or other property of equivalent market value
• The requirement can be satisfied by taking the whole amount offshore, investing the whole amount in a qualifying investment, or splitting it between the two — but exempt property, proceeds from disposing of exempt property, or proceeds from disposing of a qualifying investment holding cannot be used as substitute property of equivalent value