Finance Act 2011

Amendments to ITA 2007 U.K.

40 U.K. ITA 2007 is amended as follows.

41 U.K. After section 809F(5) (remittance basis: effect) insert—

“(5A) For the effect on amounts which count as employment income under Chapter 2 of Part 7A of ITEPA 2003, see sections 554Z9 to 554Z11 of that Act.”

42 U.K. After section 809K(1)(c) (remittance basis: application of sections 809L to 809Z6) insert—

“(ca) sections 554Z9 to 554Z11 of that Act (employment income provided through third parties charged on remittance basis),”.

43 U.K. For section 809Z7(4) (remittance basis: meaning of “foreign specific employment income”) substitute—

“(4) An individual's “foreign specific employment income” for a tax year (“the relevant tax year”) consists of the income (if any) within subsections (4A) and (4B).

(4A) The income within this subsection is the individual's specific employment income for the relevant tax year so far as it consists of foreign securities income for the purposes of section 41A of ITEPA 2003.

(4B) The income within this subsection is any income, or any part of any income, of the individual—

(a) to which section 554Z9(2) or 554Z10(2) of ITEPA 2003 applies, and

(b) which consists of the value of a relevant step, or a part of the value of a relevant step, which is “for” the relevant tax year as determined under section 554Z4 of ITEPA 2003.”