Finance Act 2011 (c. 11)

SCHEDULES

SCHEDULE 2 U.K. Employment income provided through third parties

Amendments to ITA 2007 U.K.

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.”