Part 12

Accrued income profits
Chapter 2

Accrued income profits and losses

Relief where transfer proceeds unremittable

Relief for unremittable transfer proceeds: section 630 profits
669
1
This section applies if—
a
a person is liable for income tax on accrued income profits within section 630(2) (making accrued income profits: settlement day outside interest period),
b
the person is so liable as a result of making transfers of foreign securities of a particular kind, and
c
the proceeds of the transfers are unremittable in the tax year.
2
If the person makes a claim for relief under this section the profits are reduced to nil.
3
But see section 670 (withdrawal of relief).
4
Any claim under this section must be made not more than 4 years after the end of the tax year for which the profits would be chargeable to tax if no claim were made.
5
A person's personal representatives may make any claim under this section which the person might have made.
Words in s. 669(4) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 62; S.I. 2009/403, art. 2(2) (with art. 10)