Section 669 — Income Tax Act 2007: Relief for unremittable transfer proceeds: section 630 profits

Relief for unremittable transfer proceeds: section 630 profits 669 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 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.

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