[F1762ZBIncome treated as arising under section 761(1): remittance basisU.K.
(1)This section applies to income treated as arising under section 761(1) to an individual in a tax year if—
(a)section 809B, 809D or 809E of ITA 2007 (remittance basis) applies to the individual for that year, and
(b)the individual is not domiciled in the United Kingdom in that year.
(2)Treat the income as relevant foreign income of the individual.
(3)For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis)—
(a)treat any consideration obtained on the disposal of the asset as deriving from the income, and
(b)unless the consideration so obtained is of an amount equal to the market value of the asset, treat the asset as deriving from the income.
(4)In subsection (3)—
(a)“the asset” means the asset the disposal of which causes the income to be treated as arising, and
(b)“the disposal” means the disposal mentioned in paragraph (a).]
Textual Amendments
F1Ss. 762ZA, 762ZB inserted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 94