Section 6 | Excluded property.

(1)Property situated outside the United Kingdom is excluded property if the person beneficially entitled to it is an individual who is not a long-term UK resident.^F1

(1A)A holding in an authorised unit trust and a share in an open-ended investment company is excluded property if the person beneficially entitled to it is an individual who is not a long-term UK resident.^F2F3

(1B)A relevant decoration or award is excluded property if it has never been the subject of a disposition for a consideration in money or money's worth.^F4F5

(1BA)In subsection (1B) “relevant decoration or award” means a decoration or other similar award—^F4F5

(a)that is designed to be worn to denote membership of—^F4F5

(i)an Order that is, or has been, specified in the Order of Wear published in the London Gazette (“the Order of Wear”), or^F4F5

(ii)an Order of a country or territory outside the United Kingdom,^F4F5

(b)that is, or has been, specified in the Order of Wear,^F4F5

(c)that was awarded for valour or gallant conduct,^F4F5

(d)that was awarded for, or in connection with, a person being, or having been, a member of, or employed or engaged in connection with, the armed forces of any country or territory,^F4F5

(e)that was awarded for, or in connection with, a person being, or having been, an emergency responder within the meaning of section 153A (death of emergency service personnel etc), or^F4F5

(f)that was awarded by the Crown or a country or territory outside the United Kingdom for, or in connection with, public service or achievement in public life.^F4F5

(1C)In subsection (1B) the reference to a disposition of the decoration or other award includes—^F5

(a)a reference to a disposition of part of it, and^F5

(b)a reference to a disposition of an interest in it (or in part of it).^F5

(2)Where securities have been issued by the Treasury subject to a condition authorised by section 22 of the Finance (No. 2) Act 1931 (or section 47 of the Finance (No. 2) Act 1915) for exemption from taxation so long as the securities are in the beneficial ownership of persons of a description specified in the condition, the securities are excluded property if they are in the beneficial ownership of such a person.^F6

(3)Repealed^F7

(4)Property to which this subsection applies by virtue of section 155(1) or (5A) below is excluded property.^F8

(5)This section is subject to Schedule A1 (non-excluded overseas property).^F9