Part 2Employment income: charge to tax
F1Chapter 5ATaxable specific income: effect of remittance basis
41DLimit on foreign securities income where duties of associated employment performed in UK
1
This section imposes a limit on the extent to which section 41C(3) applies in relation to a period when—
a
the individual holds associated employments as well as the employment in relation to which section 41C(4) applies, and
b
the duties of the associated employments are not performed wholly outside the United Kingdom.
2
The amount of the securities income for the period that is to be regarded as “foreign” is limited to such amount as is just and reasonable, having regard to—
a
the employment income for the period from all the employments mentioned in subsection (1)(a),
b
the proportion of that income that is general earnings to which section 22 applies (chargeable overseas earnings),
c
the nature of and time devoted to the duties performed outside the United Kingdom, and those performed in the United Kingdom, in the period, and
d
all other relevant circumstances.
3
In this section “associated employments” means employments with the same employer or with associated employers.
4
Section 24(5) and (6) (meaning of “associated employer”) apply for the purposes of this section.
Pt. 2 Ch. 5A inserted (with effect in accordance with Sch. 7 para. 80 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 22