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HMRC internal manual

Residence, Domicile and Remittance Basis Manual

Remittance basis: exempt property: disposal proceeds

Where exempt property is sold, the full disposal proceeds must be taken offshore or invested. “Disposal proceeds” means the consideration for the disposal less any agency fees deducted from those proceeds. (ITA07/s809Z8(1) - see RDRM34260)

Non-monetary disposal proceeds

In most cases, the consideration received for the sale of exempt property will be in monetary form. If other property or benefits are received the value of the disposal proceeds will be the market value of the property received at the time of the disposal. Market value has the same meaning as in the Taxation of Chargeable Gains Act 1992, and in particular sections 272 and 273 of that Act. (ITA07/s809Z8(3) and s809Z(10))