Part 8

Foreign income: special rules
Chapter 5

Relief for new residents on foreign income

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