Part 8 U.K. Foreign income: special rules

[F1 Chapter 5 U.K. Relief for new residents on foreign income

Textual Amendments

F1 Pt. 8 Ch. 5 inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 37(1)(4)

845C Effect of claim, foreign employment election or foreign gain claim on losses U.K.

(1) Subsection (2) applies where—

(a) an individual who carries on a relevant business wholly outside the United Kingdom makes a foreign income claim, a foreign employment election or a foreign gain claim for a tax year,

(b) the individual has a loss for that tax year from the relevant business, and

(c) the profits (if there were any) of the business would be qualifying foreign income for that year.

(2) No relief for that loss is available in the tax year for which the claim or election is made or in any other tax year.

(3) In this section “relevant business” means—

(a) a trade, profession or vocation, or

(b) a property business.]