In general, where property derived from foreign income or gains that is taxable on the remittance basis is brought to the UK, this is a remittance of the original income or gains (see commentary on remittances at E6.324C).
Certain types of property brought to, received or used in, the UK by, or for the benefit of, a relevant person (as defined in ITA 2007, s 809M)1 are not treated as remitted to the UK (called 'exempt property')2. The definition of exempt property3 covers clothing, footwear, jewellery and watches for personal use (see E6.330B) and certain low value items (see E6.330E), as well as assets for public display (see E6.330A) and items brought to the UK for repair or on a temporary basis (see E6.330C–E6.330D).
Loss of property exemption
In general, property that ceases to be exempt is treated as remitted to the UK at that time4. Property ceases to be exempt if it5:
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(a)ÌýÌýÌýÌý is sold or otherwise converted into money while it is in the UK (subject
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