Part 5Miscellaneous income

C1F3CHAPTER 2AOffshore receipts in respect of intangible property

Annotations:
Amendments (Textual)
F3

Pt. 5 Ch. 2A inserted (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 4 (with Sch. 3 para. 8)

Modifications etc. (not altering text)
C1

Pt. 5 Ch. 2A: power to amend conferred (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 10

Exemptions

608LExemption where foreign tax at least half of UK tax

1

Section 608A does not apply in relation to a person for a tax year if—

a

the person is resident in a territory outside the United Kingdom in that year,

b

the amount of tax (“the local tax amount”) which is paid in the territory in respect of UK-derived amounts arising in the tax year is at least half of the corresponding UK tax, and

c

the local tax amount is not determined under designer tax provisions.

2

See section 608M for provisions about the local tax amount.

3

The corresponding UK tax” means the amount of income tax that would be charged under this Chapter in respect of UK-derived amounts arising in the tax year, calculated on the following basis—

a

section 608A applies in relation to the UK-derived amounts, and

b

the person is not entitled to any relief or allowance for the tax year.

F24

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15

For the purposes of this section, section 608D (meaning of residence) applies as if subsections (2)(b), (4) and (5) were omitted.