Income Tax (Trading and Other Income) Act 2005

Relevant foreign income charged on remittance basis: delayed remittances

151 (1) The fact that income arose in a tax year before 2005-06 does not prevent—

(a) a claim being made in respect of it under section 835(1) (relief for delayed remittances), or

(b) section 835(5) applying as respects the tax year in which the income arose.

(2) But sub-paragraphs (3) to (5) apply if—

(a) such a claim is made in respect of any income (“the delayed income”),

(b) the delayed income arose in the tax year 1996-97 or an earlier tax year,

(c) the basis year for that year is a different year, and

(d) that basis year is not the basis year for two tax years.

(3) Section 835(5) does not apply and the delayed income is to be treated as if it were income received in the United Kingdom in that basis year.

(4) In this paragraph “basis year”, in relation to tax chargeable for any tax year in respect of any income, means the year by reference to which the amount of the income chargeable finally falls to be calculated.

(5) This paragraph does not affect which year is to be taken as the basis year for calculating tax chargeable for any tax year.