Section 119B — Finance Act 2008: Section 119A: unremitted foreign securities income

Section 119A: unremitted foreign securities income 119B 1 For the purposes of section 119A reduce the amount that counts as employment income by so much of that amount (if any) as is unremitted foreign securities income.

2 In this section “ unremitted foreign securities income ” means income that—

a is foreign securities income for the purposes of section 41A of ITEPA 2003 (employment income from ERS charged on remittance basis),

and b has not been remitted to the United Kingdom by the end of the tax year in which the disposal mentioned in section 119A(1) occurs.

3 The following provisions apply if any of the unremitted foreign securities income is remitted to the United Kingdom after the end of the tax year referred to in subsection (2)(b).

4 The person liable for the capital gains tax on any chargeable gains arising on the disposal may make a claim for section 119A(2) to have effect as if the remitted income had been remitted before the end of that tax year.

5 All adjustments (by way of repayment of tax, assessment or otherwise) are to be made which are necessary to give effect to a claim under subsection (4).

6 Those adjustments may be made at any time, despite anything to the contrary in any enactment relating to capital gains tax.