The relevant person (see ¶199-731) may avoid the previously exempted remittance coming back into charge by taking the appropriate mitigation steps within a prescribed time limit, termed a ‘grace period’.

Disposals and part-disposals

Where the potentially chargeable event is a complete or partial disposal of the qualifying investment, he must, within 45 days of the disposal proceeds becoming available, have taken offshore or re-invested the amount of the original remitted income or gains which were used to acquire the investment or the amount of the disposal proceeds if lower (ITA 2007, s. 809VI(1), (3)–(5); s. 809J(2)).

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