Section 668 — Income Tax Act 2007: Relief for unremittable transfer proceeds: general

Relief for unremittable transfer proceeds: general 668 1 This section applies if—

a a person is liable for income tax on accrued income profits, b the profits are calculated by reference to payments treated as made to the person in an interest period, c the payments are so treated as a result of the person making transfers of foreign securities of a particular kind, and d the proceeds of the transfers are unremittable in the tax year.

2 If the person makes a claim for relief under this section—

a the profits are reduced by the amount of the payments treated as made to the person, or b if that amount exceeds the profits, the profits are reduced to nil.

3 But see section 670 (withdrawal of relief).

4 In this section and section 669 “ foreign securities ” means securities which are situated outside the United Kingdom.

5 For the purposes of this section and sections 669 and 670, proceeds of transfers of foreign securities are unremittable in relation to a person if the person is prevented from transferring them to the United Kingdom because of—

a the laws of the territory where the securities are situated, b executive action of its government, or c the impossibility of obtaining there currency that could be transferred to the United Kingdom.

6 For the purposes of this section the place where securities are situated is to be determined in accordance with sections 275(1) and (2)(b) and 275C of TCGA 1992.

7 Any claim under this section must be made not 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.

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