Income Tax Act 2007

[F1 [F2 809RZC Breaches of the TRF deposit rule U.K.

(1) There is a breach of the TRF deposit rule if one or more prohibited sums are paid into a TRF capital account on the qualifying date or any day after the qualifying date.

(2) A breach of the TRF deposit rule is remedied if, within 30 days beginning with the day on which the prohibited sums are paid into the account, the required amount is transferred out of the account by way of a single one-off qualifying transfer.

(3) A transfer is “qualifying” if it does not result in the remittance of any amount to the United Kingdom.

(4) “The required amount” is an amount equal to the total of the prohibited sums paid into the TRF capital account on the day of the breach.

(5) If there are 2 days in a tax year on which one or more breaches of the TRF deposit rule occur, subsection (2) does not apply to any breach on any subsequent day in the tax year (and accordingly any breach occurring on any day after the second day in the tax year on which there has been a breach cannot be remedied).

(6) A “prohibited sum” is anything other than a sum that is TRF capital.]]

Textual Amendments

F1 Pt. 14 Ch. A1 inserted (21.7.2008 with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 1 (with Sch. 7 paras. 85-89)

F2 Ss. 809RZA-809RZD inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 paras. 17, 21(1)