Introduction Summary
1.Section 20 introduces Schedule 7 which makes changes to the rules in sections 809X to 809Z6 of the Income Tax Act (ITA 2007) applying to certain property acquired with overseas using foreign income and gains which determine when the bringing of certain property to the UK will not constitute a taxable remittance under Chapter A1 of Part 14 of ITA. The Schedule amends the exempt property rules to ensure that property which is lost, stolen or destroyed will not trigger a taxable remittance to the UK and that any compensation payment relating to the loss, theft or destruction of such property will not be treated as a remittance provided such payments are taken offshore or used to make a qualifying investment within 45 days of being received. The Schedule also makes changes to the public access rule so that it is no longer restricted to works of art, collector’s items and antiques, and attract a relevant VAT relief, but is instead available to any property which is brought to the UK and put on public display at an approved establishment such as a gallery or museum or in transit to or from such display, for no more than two years or such longer period specified by HMRC.