Amendment of the Tax Credits (Definition and Calculation of Income) Regulations 200216
1
Regulation 12 (foreign income) is amended as follows.
2
In paragraph (1) for “possessions or from securities out of the United Kingdom” substitute “a source outside the United Kingdom or from foreign holdings”.
3
For paragraph (2) substitute—
2
The reference in paragraph (1) to “foreign holdings” shall be construed in accordance with section 571 of ITTOIA.
4
In paragraph (3)—
a
for sub-paragraph (b) substitute—
b
the amount authorised to be deducted by the relevant provision if the claimant’s foreign income comprises or includes a pension to which the following provisions of ITEPA apply—
i
section 567(5) and 617 (deduction allowed from taxable pension income);
ii
section 575(2)22 (taxable pension income: foreign pensions);
iii
section 613(3)23 (taxable pension income: foreign annuities); and
iv
section 635(3)24 (taxable pension income: foreign voluntary annual payments); and
b
in sub-paragraph (c)—
i
in paragraph (iii) for “Extra Statutory Concession A30” substitute “section 751(1)(c) of ITTOIA” and omit “or”; and
ii
at the end add—
or
v
section 730 of ITTOIA (foreign maintenance payments).
5
In paragraph (4) for “(within the meaning of the Taxes Act”) substitute “(within the meaning of Part 3 of ITTOIA)”.