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Income Tax (Trading and Other Income) Act 2005
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Changes over time for: Section 833
Version Superseded: 21/07/2008
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- 06/04/2005- Amendment
- 06/04/2005
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833Income treated as remitted: repayment of UK-linked debtsU.K.
This section has no associated Explanatory Notes
(1)For the purposes of section 832, if a person who is ordinarily resident, but is not domiciled, in the United Kingdom uses relevant foreign income outside the United Kingdom to satisfy a UK-linked debt, the person is treated as receiving the income in the United Kingdom at the time when it is so used.
(2)Subsection (1) is subject to subsection (5).
(3)In subsection (1) “UK-linked debt”, in relation to a person, means—
(a)a debt for money lent to the person in the United Kingdom, or for interest on money so lent,
(b)a debt for money lent to the person outside the United Kingdom and received in the United Kingdom, or
(c)a debt incurred for satisfying—
(i)a debt falling within paragraph (a) or (b), or
(ii)another debt falling within this paragraph.
(4)In the case of a debt (within subsection (3)(b) or (c)) for money lent to the person outside the United Kingdom, it does not matter whether the money lent is received in the United Kingdom before or after the income is used to satisfy the debt.
(5)But in the case of such a debt if the money lent is not received in the United Kingdom until after the income is so used, the person is treated as receiving the income in the United Kingdom when the money lent is received there (instead of at the time provided in subsection (1)).
(6)For the purposes of this section, if any of the money lent is used to satisfy a debt, the debt for the money so used is treated as incurred for satisfying that other debt.
(7)In subsections (3) to (5) any reference to money lent being received in the United Kingdom includes a reference to its being brought there.
(8)Section 834 sets out circumstances in which a person is treated as using income to satisfy a debt for the purposes of this section.
(9)In this section and that section “satisfy”, in relation to a debt, means satisfy wholly or in part.
Modifications etc. (not altering text)
C1S. 833 applied (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 735(6), 1034 (with transitional provisions and savings in Sch. 2)
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