Section 41I — Income Tax (Earnings and Pensions) Act 2003: Limit on “chargeable foreign securities income” where duties of associated employment performed in UK

Limit on “chargeable foreign securities income” where duties of associated employment performed in UK 41I 1 This section imposes a limit on the extent to which section 41H(3) applies in relation to a period when—

a the individual holds associated employments as well as the relevant employment, and b the duties of the associated employments are not performed wholly outside the United Kingdom.

2 The amount of the securities income for the period that is to be regarded as “chargeable foreign securities income” is limited to such amount as is just and reasonable, having regard to—

a the employment income for the period from all the employments mentioned in subsection (1)(a),

b the proportion of that income that is general earnings to which section 22 applies (chargeable overseas earnings),

c the nature of, and time devoted to, the duties performed outside the United Kingdom, and those performed in the United Kingdom, in the period, and d all other relevant circumstances.

3 In this section “ associated employments ” means employments with the same employer or with associated employers.

4 Section 24(5) and (6) (meaning of “associated employer”) applies for the purposes of this section.