Finance (No. 2) Act 1992 (c. 48)

Part II U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter I U.K. General

Miscellaneous U.K.

54 Foreign earnings. U.K.

(1) In Schedule 12 to the Taxes Act 1988 (foreign earnings: provisions supplemental to section 193(1)) after paragraph 1 there shall be inserted—

“ Amount of emoluments

1A For the purposes of section 193(1) and this Schedule the amount of the emoluments for a year of assessment from any employment shall be taken to be the amount remaining after any capital allowance and after any deductions under section 192(3), 193(4), 194(1), 195(7), 198, 199, 201, 332, 592 or 594.”

(2) This section shall have effect for the year 1992-93 and subsequent years of assessment.