Finance Act 2011, Paragraph 49 is up to date with all changes known to be in force on or before 02 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
49(1)TCGA 1992 is amended as follows.U.K.
(2)In section 119A (increase in expenditure by reference to tax charged in relation to employment-related securities)—
(a)in subsection (5)(a) for “or (b)” substitute “ , (b) or (d) ”, and
(b)at the end of subsection (5A) insert “ and section 119C (unremitted Part 7A income) ”.
(3)After section 119B insert—
(1)This section applies for the purposes of section 119A if an amount deducted under section 480(5)(d) of ITEPA 2003, which (apart from this section) would by virtue of section 119A(5)(a) be added back to an amount counting as employment income, is or includes unremitted Part 7A income.
(2)So much of the amount deducted as is unremitted Part 7A income is not to be added back.
(3)In this section “unremitted Part 7A income” means an amount counting as employment income under Chapter 2 of Part 7A of ITEPA 2003—
(a)to which section 554Z9(2) or 554Z10(2) of that Act applies, and
(b)which has not been remitted to the United Kingdom by the end of the tax year in which the disposal mentioned in section 119A(1) occurs.
(4)Section 119B(4) to (6) applies if any of the unremitted Part 7A income is remitted to the United Kingdom after the end of the tax year referred to in subsection (3)(b).”
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
