Part 12Accrued income profits

Chapter 2Accrued income profits and losses

Relief where transfer proceeds unremittable

669Relief for unremittable transfer proceeds: section 630 profits

1

This section applies if—

a

a person is liable for income tax on accrued income profits within section 630(2) (making accrued income profits: settlement day outside interest period),

b

the person is so liable as a result of making transfers of foreign securities of a particular kind, and

c

the proceeds of the transfers are unremittable in the tax year.

2

If the person makes a claim for relief under this section the profits are reduced to nil.

3

But see section 670 (withdrawal of relief).

4

Any claim under this section must be made F1not more than 4 years after the end of the tax year for which the profits would be chargeable to tax if no claim were made.

5

A person's personal representatives may make any claim under this section which the person might have made.