Part 2

Employment income: charge to tax
Chapter 5A

Taxable specific income: effect of remittance basis

Limit on foreign securities income where duties of associated employment performed in UK
41D
1
This section imposes a limit on the extent to which section 41C(3) applies in relation to a period when—
a
the individual holds associated employments as well as the employment in relation to which section 41C(4) applies, and
b
the duties of the associated employments are not performed wholly outside the United Kingdom.
2
The amount of the securities income for the period that is to be regarded as “foreign” is limited to such amount as is just and reasonable, having regard to—
a
the employment income for the period from all the employments mentioned in subsection (1)(a),
b
the proportion of that income that is general earnings to which section 22 applies (chargeable overseas earnings),
c
the nature of and time devoted to the duties performed outside the United Kingdom, and those performed in the United Kingdom, in the period, and
d
all other relevant circumstances.
3
In this section “
associated employments
” means employments with the same employer or with associated employers.
4
Section 24(5) and (6) (meaning of “associated employer”) apply for the purposes of this section.
Pt. 2 applied (E.W.S.) (31.3.2017) by The Equality Act 2010 (Specific Duties and Public Authorities) Regulations 2017 (S.I. 2017/353), reg. 1(1), Sch. 1 para. 4(3) (with reg. 2(4)(5))
Pt. 2 applied (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 969(4)(a), 1329(1) (with Sch. 2 Pts. 1, 2)
Pt. 2 Ch. 5B substituted (with effect in accordance with Sch. 3 para. 7(3), Sch. 9 para. 48 of the amending Act) for Pt. 2 Ch. 5A by virtue of Finance Act 2014 (c. 26), Sch. 9 paras. 5, 47