Part 2

Employment income: charge to tax
CHAPTER 5B

Taxable specific income from employment-related securities etc: internationally mobile employees

Limit on “chargeable foreign securities income” where duties of associated employment performed in UK
41I
1
This section imposes a limit on the extent to which section 41H(3) applies in relation to a period when—
a
the individual holds associated employments as well as the relevant employment, 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 “chargeable foreign securities income” 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”) applies 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 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
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)